Lloyds Banking Group PLC (LSE:LLOY) subsidiary Halifax has ended its attempt to buck the trend of rising mortgage rates after instigating a series of rises on Friday.
Halifax had been the outlier among the big mortgage lenders by cutting rates when others were raising them.
Brokers said it has been an attempt by the UK’s leading mortgage lender to boost its market share even more, but that marketing ploy has now come to an end.
People taking out new loans or re-mortgaging face rises of between 0.18% and 0.29% from Friday, though remortgages where the loan-to-value is 90% will see a small reduction.
Halifax also announced completion dates would be extended by a month.
Santander, HSBC and TSB have all raised their rates in the past week while Coventry Building Society has pushed through two increases.
Higher wholesale money market swap rates, the rate lenders have to pay for cash before they re-lend it to home buyers, are being blamed for the rises.
Wholesale rates have been rising due to expectations of rate cuts by the Bank of England being pushed out to later in the year.