Molo, Coventry for Intermediaries, the co-operative bank for intermediaries and LiveMore have all announced changes.
The repricing and product withdrawals from a range of lenders may be a signal that weeks of rate cuts may have come to an “abrupt halt” due to economic uncertainty and rising oil prices.
From today, Molo has increased rates on two- and five-year fixed rate products across UK resident products.
In addition, within the lender’s UK resident range standard two-year fixed rates will start from 3.34%, with specialist products (including large houses of multiple occupancy (HMO) and multi-unit freehold building (MUFB) at 3.49%, both with a 6.5% product fee.
Elsewhere, Coventry for Intermediaries will increase fixed rates at 65% to 75% loan-to-value (LTV) for new borrowers, excluding offset.
Also within its new borrower products, it will put the rate up on all two- and five-year fixed remortgage rates at 80% LTV while it will remove cashback availability for all fixed first-time buyer rates at 65% to 80% LTV.
For existing borrowers, all fixed rates at 65% to 75% LTV will go up.
These come into effect on 10 October.
The co-operative bank for intermediaries will also be making changes from Thursday.
The bank has announced it will temporarily withdraw a selected number of its fixed rate products for new business.
Selected residential two-, three- and five-year fixed rate products will be withdrawn for loan sizes up to and including 75% LTV.
Finally, LiveMore has said there will be changes to its standard capital and interest, standard interest only and retirement interest only rates from 11 October.
The moves by the lenders follow mixed messages from the Bank of England where last week central bank governor Andrew Bailey said that there was room for its rate cuts to become “more aggressive”.
But a day later the Bank’s chief economist Huw Pill warned against cutting the price of borrowing “too far or too fast”.
Traders have been betting that the Bank of England will cut rates by a total of 0.5% in two of its final three rate-setting meetings this year to bring the base rate down to 4.50%.
This comes despite the Bank’s Monetary Policy Committee voting to hold the rate at 5%, following a 0.25% cut in August. Its first reduction in four years.
