Santander becomes latest major lender to raise mortgage rates since the Budget - The high street bank is increasing fixed rates for most residential rates for new buyers and remortgage customers by up to 0.

The Follow-on Rate (FoR), another key product affected by this base rate alteration, will see its percentage reduced from 8.25% to 8.00%. This change is not just a numerical adjustment but a reflection of Santander’s strategic move to bolster customer confidence and foster financial stability within its mortgage services.

Despite the increase in rates, some home buyers were returning to the market, according to the Mortgage Bankers Association. The market composite index — a measure of mortgage a

US mortgage rates continued to rise, building on a recent run-up after Donald Trump won the presidential election.

Major lenders including NatWest and Nationwide have raised their fixed-rate mortgages as market fallout from the Budget “ripples” into pricing. Santander, HSBC and Virgin Money are also upping the rates on some of their loans as the cost of borrowing rises as traders expect interest rates to fall more slowly than previously thought.