{"id":114135,"title":"Santander Raises Mortgage Rates Again, Marking Second Increase in a Week","publisher":"Share Talk","author":"sharetalk","published":"2024-05-02T11:49:07+00:00","modified":"2024-05-02T11:49:07+00:00","canonical_url":"https://www.share-talk.com/santander-raises-mortgage-rates-again-marking-second-increase-in-a-week/","markdown_url":"https://www.share-talk.com/santander-raises-mortgage-rates-again-marking-second-increase-in-a-week.md","json_url":"https://www.share-talk.com/santander-raises-mortgage-rates-again-marking-second-increase-in-a-week.json","category":"B2B","categories":["B2B","Blogs","Business & Support Services","Technology","Technology, Media & Telecoms"],"tags":["Ana Botín","Banco Santander","BANK","Bank of England","BoE","fixed","home loans","mortgage","rates","Santander","Spanish","tracker"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2024/02/Santander.webp?fit=1200%2C800&ssl=1","format":"news","language":"en-GB","content":"Santander UK has announced a second increase in fixed mortgage rates in under a week.\n\nJoining other lenders like Nationwide and NatWest that have raised fixed mortgage rates this week, the Spanish bank has raised its rates by up to 0.26%.\n\nThis Monday, Santander introduced a series of rate hikes for both fixed and tracker mortgages of up to 0.25%.\n\nThe latest rate changes will take effect after business hours on Friday.\n\nAs hopes fade for a summer interest rate cut by the Bank of England, lenders are reversing previous rate reductions.\n\nThe Bank of England’s monetary policy committee is set to make its next interest rate decision on Thursday, 9 May, with low expectations for a cut.\n\nFinancial markets are now predicting the first Bank of England rate cut to occur in September, with the likelihood of a second cut this year at roughly 50%, a significant decrease from earlier predictions of six cuts.\n\nStephen Perkins, managing director at Yellow Brick Mortgages, described the current market as a “chaotic game of pass the parcel, where lenders are scrambling to avoid offering the lowest rate when the music stops.”\n\nDariusz Karpowicz, director at Albion Financial Advice, noted that Santander’s second rate hike within a week “mirrors the broader market’s response to rising swap rates.”\n\n“As summer approaches, we are seeing a trend that likely indicates a tightening of lending conditions, which could pose challenges for borrowers,” he added.\n\nKaty Eatenton, a mortgage specialist at Lifetime Wealth Management, expressed frustration over Santander’s inaccurate pricing earlier in the week, noting that “it seems unlikely that rate reductions will be forthcoming anytime soon.”"}