Rates rises from lenders

"Lenders will no doubt be quick to increase rates. The first post rate-rise increases are expected today with most lenders following suit over the next few days. Some lenders knew this was coming and have already increased rates. Lenders such as NatWest increased some rates for new and existing borrowers prior to Thursday’s announcement, and I would expect further rises to follow shortly."

"The Bank of England base rate increase doesn't come as a huge surprise as an extensive list of lenders had already increased their rates earlier this week in anticipation of it. On Monday ,Nationwide Building Society increased some of its products by up to 0.4% with just a few hours' notice. We will no doubt see more lenders follow suit and we are expecting a turbulant time with sharp rate increases with little to no notice over the coming days and potentially even weeks."

"A few lenders have already emailed to say that the base rate has changed but not that they have increased their rates...yet. Virgin Money have said "Our updated tracker rates will be available from 18 March 2022 and reflect the change to the Bank of England Base Rate. Our tracker differential will stay the same."

Some of the major lenders have already announced increases in tracker and SVR rates this afternoon, deferred until the beginning of April or May. We've not seen, as yet, any pulling of fixed rate deals, though it's likely over the coming days and weeks.

"I received the first notification of a change from Santander by 1pm which confirmed their variable rate would rise from May, with tracker rates moving sooner, from April. It has long been the way that increases are swift to be passed on. Fixed rates have been moving over the past few weeks in anticipation of rising rates so I do not expect to see significant repricing in this area of products."

"We are not expecting lots of rate rises straight away from our lenders. This is because this increase was expected and has already been priced into the market in most cases. However anyone with a loan or mortgage on a standard variable rate or base rate tracker will likely see their payment increase from next month. As it's expected the base rate will go up further as the year goes on, we anticipate rates to slowly increase in the coming months."