The Woolwich has withdrawn two of its products as it became the latest lender to raise its mortgage rates.
The group is no longer offering a lifetime tracker mortgage for people wanting to borrow 80 per cent of their home’s value, while it has also temporarily withdrawn its two-year fixed rate mortgage deals.
It is also increasing the rate it charges on its lifetime tracker mortgage by 0.25 per cent.
The move comes a week after it raised rates on its fixed rate mortgages by between 0.2 and 0.3 per cent, and a fortnight after it increased rates on two-year products.
It now offers only two tracker deals, a lifetime tracker for people borrowing 60 per cent of their home’s value which has a rate of 5.99 per cent, and a lifetime tracker for people borrowing 90 per cent of their home’s value at 6.29 per cent.
It plans to relaunch its two-year fixed rate deals on Tuesday next week.
The Woolwich is the latest group to increase its rates following a steep rise in swap rates in recent weeks.
Two-year swap rates ended last week at 6.38 per dent, up from 5.96 per cent in May, while the cost of three year money rose to 6.34 per cent up from 5.9 per cent.
The increase contributed to the latest round of mortgage price hikes, with Nationwide increasing its rates by up to 0.5 per cent and Halifax increasing some of its deals on Friday.
But on a brighter note, Abbey announced that it was cutting its tracker mortgage rates by between 0.1 and 0.15 per cent. The move will leave a two-year tracker rate for someone with a 25 per cent deposit at 6.04 per cent, compared with the previous 6.14 per cent.