Full list of banks hiking mortgage rates despite interest cut -including Nationwide, Santander, HSBC

manchestereveningnews.co.uk:

Mortgage payers are set to face higher bills - despite a cut in interest rates. A number of lenders have increased their mortgage rates despite the Bank of England (BoE) move to lower the cost.

Many point to an expected increase in inflation following the government's budget. Meanwhile, hundreds of offers have been removed from the market.

It comes despite the fact that the Bank of England confirmed that interest rates would go to 4.75 per cent in the backdrop of a 1.7 per cent inflation rate (below the targeted 2 per cent inflation rate).

Another key factor in increased mortgage rates is the impact of swap rates. These are the rates at which lenders exchange fixed interest payments for variable payments and which are often priced based on future interest rate predictios.