Major mortgage lenders put up rates

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Bradford & Bingley is hiking the interest charged on a range of its deals by up to 0.55%, while Abbey is increasing some of its rates by up to 0.26% from Monday.

The moves follow continued increases in the cost of wholesale funding, with Swap rates, upon which fixed rate mortgages are based, rising by 0.6% during the past few weeks.

B&B is raising rates on its standard residential, buy-to-let and self-certification mortgages by between 0.05% and 0.55%. It claimed the move was part of its "normal business activity", which has seen it repricing its mortgages on a monthly basis for the past 18 months.

It added that it had nothing to do with Monday's announcement that it had racked up an £8 million pre-tax loss in the four months to the end of April after suffering a further £89 million hit from the credit squeeze and a £36 million charge from increasing arrears.

As a result of the changes, a two-year fixed rate loan for someone with a 75% deposit who pays a £999 fee will rise by 0.2% to 6.49%.

But the biggest rises were seen across the group's buy-to-let range, with fixed rate deals jumping by 0.55% and variable ones increasing by 0.45%, leaving a three-year fix with a 1.5% fee at 7.44%.

Abbey is raising its rates by between 0.07% and 0.26% on a range of its products, including those for people with only a 15% deposit and its five-year fixed rate loans. The move will leave a five-year fixed rate deal for someone with a 25% deposit 0.26% higher at 6.45%.

It is the second time that the UK's third largest lender has increased its mortgage rates in two weeks and it warned that there were likely to be further changes to come.