Two major lenders have increased their fixed rate mortgages today, causing more misery for borrowers.

Halifax is raising rates for its homemover and first-time buyer products by up to 0.15%. 

BM Solutions is pushing up rates on its buy-to-let mortgages by up to 0.09%. 

Another lender, The Mortgage Works, increased some five-year, fixed-rate, buy-to-let products by up to 0.19% on Saturday. 

Several banks have been pushing up rates over the past week as hopes of any further interest rate cuts this year fade and the swap market remains volatile. 

Swap rates determine what banks are charged to borrow in order to lend money, so when they go up, mortgage rates tend to follow. 

Brokers are warning that the rate rises show the “tide has fully turned” for buyers. 

Justin Moy, managing director at mortgage broker EHF Mortgages, said rates would be higher for longer.

“More rate increases were always on the cards, given that the majority of high street lenders have upped fixed rate deals this week,” he said in comments provided to Money by Newspage. 

“This is more of a catch-up move by Halifax and the others, adding to the notion that rates will be higher for longer, and the lack of confidence in the government will only make it harder for further rate cuts in the near future.” 

Jack Tutton, director at advisory firm SJ Mortgages, said political uncertainty was causing chaos.

“The tide has fully turned with these lenders following many others this week by increasing their rates. This could only just be the start with the budget on the horizon and all the uncertainty surrounding it,” he said.