Mortgage mayhem as Barclays and TSB hike interest rates on home loans

Dariusz Karpowicz, Director at Albion Financial Advice, said the rate rises might be related to uncertainty around the outcome of the general election. He said the major political parties are failing to give enough attention to housing policy.

"It seems like the topic is taking a backseat to discussions about potholes and whether Sky TV is affordable," he said.

"Uncertainty always has a negative effect on markets. This mid-election campaign rate hike indicates that lenders are bracing for potential economic shifts and instability.

"Borrowers are caught in the crossfire of political and economic uncertainty, making it crucial to stay informed and agile in managing their mortgage decisions. Let's hope for some clarity and positive movement in the coming weeks to steady the market."