Related topic: Mortgage rates

The pair of products are designed to support brokers placing remortgage business at lower LTV levels.

Mortgage rates had already begun to increase in February, before the full effects of the conflict in West Asia pushed up swap rates.

Buy-to-let product choice has fallen sharply, by around 1,300 deals since the start of March. 

New business and product transfer fixed rates will increase by up to 0.53%.

Products are available across a mix of fixed terms and fee options.

The new products cover the Society’s main lending areas including core, JBSP, retirement interest-only and buy-to-let.

Borrowers pushed submissions 54.3% higher compared with the same period a year earlier. 

The typical annual cost of borrowing £250,000 over 25 years has risen by more than £1,075 per year.

Remortgage, first-time buyer and buy-to-let rates are among the latest increases.

Over 1,700 mortgage products have been withdrawn this month, with the average mortgage rate now 5.50%.