TSB, Virgin Money and Barclays were the providers introducing cuts ahead of the expected rises next week.
The widespread rises come as swap rates rose above 4% this week, which means higher-priced deals could be on the way for homeowners.
The swap rates indicate what lenders pay to financial institutions to acquire fixed funding for a certain amount of time. Following the announcement, Coventry Building Society and Santander pulled deals for borrowers.
David Hollingworth, associate director at L&C Mortgages, said: “The mortgage market has seen rates falling in recent months, but that may be coming to an abrupt halt.
“Fixed rate pricing depends on what the market anticipates may happen to interest rates and uncertainty over the forthcoming budget; mixed messages from the Bank of England and global unrest [are] pushing costs back up for lenders.”
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However, three providers were still able to make cuts this week.
Virgin Money moves rates lower
Virgin Money announced a number of rate reductions across select deals and introduced two buy-to-let (BTL) mortgages.
The newly launched exclusive BTL products include a two-year fix at 60% loan to value (LTV), priced at 4.19%, and an equivalent at 75% LTV with a rate of 4.39%. Both have a £2,195 fee.
Elsewhere, Virgin Money cut the rate of its exclusive BTL two-year fix at 60% LTV by 0.25% to 3.57%. This has a 3% fee.
The option at 75% LTV has been lowered by 0.24% to 3.72% and the exclusive BTL five-year fixed product at 75% LTV with a 3% fee has been reduced by 0.05% to 3.78%.
The lender has also cut mortgage rates across its two-year fixes with a 1% fee by as much as 0.21%, and Fix and Switch rates by up to 0.15%.
The bank reduced BTL fixed rates with a £995 fee by up to 0.2% to start from 4.19% and select BTL product transfer rates by up to 0.15%, starting from 3.89%.
Further, it has cut its fee-saver two-year fix for BTL borrowers at 75% LTV by 0.02%, bringing it to 5.03%.
For residential borrowers, Virgin Money cut pricing on its fee-saver purchase deals at 90% LTV by 0.1%, starting from 5.19%, and remortgage fixed rates at 85% and 90% LTV will be lowered by 0.2% to start from 4.44%.
TSB and Barclays snip rates
At the start of the week, TSB snipped rates for two-year fixed remortgage rates up to 60% LTV, with rates priced at 4.19% with a £995 fee and 4.59% with no fee.
The bank’s two-year fixed deals for first-time buyers and homemovers will be 0.1% lower for options at 85-90% LTV. That leaves rates at 5.29% for a fee-free deal and 5.14% with a £995 fee.
TSB has also lowered two-year fixed remortgage rates up to 60% LTV by a similar amount. Rates are now 4.19% with a £995 fee and 4.59% with no fee.
The lender also reintroduced two-year fixed remortgage deals up to 75% LTV with a £1,495 fee. The product is priced at 4.09% up to 60% LTV and 4.34% at 60-75% LTV.
Barclays completed the trio of providers to make reductions, with prices plummeting by up to 0.5% across its mortgage rates.
Across its purchase-only products for new borrowers, the two-year fix with a £899 fee at 85% loan to value (LTV) has been cut from 4.46% to 4.4%.
A fee-free five-year fix at 75% LTV has gone from 4.05% to 3.96%, while a five-year fix at 85% LTV with a £899 fee has been cut from 4.17% to 4.1%.
Barclays has also made reductions to select remortgage deals for new borrowers at 60% and 75% LTV.
Data on the mortgage rates was based on mortgage rate updates from YourMoney.com’s sister publication Mortgage Solutions.