Halifax customers hit with extra charges this week: Key details explained

What you need to know

The latest changes come as oil prices surged to around $100 a barrel last week, adding further pressure to lending costs. 

Halifax has increased selected two, three and five-year fixed-rate mortgages for first-time buyers and home movers by up to 0.15%. 

Borrowers looking to remortgage have been hit even harder, with selected fixed-rate deals rising by as much as 0.20%.

The changes arrive just days before the Bank of England is expected to leave its base rate unchanged at 3.75% on Thursday. 

Lock it in before it’s gone

However, mortgage specialists say lenders often adjust their rates before the central bank makes a decision because they respond more quickly to changes in wholesale funding costs.

Experts are also warning that current deals could disappear quickly if uncertainty in the global energy market continues. 

With rates moving higher, brokers are encouraging anyone planning to buy a home or refinance their mortgage to act sooner rather than later.

Anthony McQuilliam of Bolt Mortgages said anyone whose mortgage deal expires within the next six months should speak to a broker immediately, warning that the market can change overnight. 

Darryl Dhoffer of The Mortgage Geezer echoed that advice, saying: "If you drag your feet now, you are willingly throwing money away."

Experts are urging borrowers to lock in a mortgage deal sooner rather than later if they are worried about further rate rises. 

Most lenders allow customers to secure a rate for between three and six months, helping to protect them if borrowing costs continue to climb.