Santander confirms new mortgage rule from Thursday that'll be 'mayhem'

Dariusz Karpowicz, Director at Albion Financial Advice commented: "In what can only be described as the mortgage market's version of a seesaw, Barclays and Santander seem to be playing an entertaining game of "rate tennis". Just as Barclays serves up some delightful rate cuts of up to 0.2%, Santander returns with a cross-court shot of increases effective from this Thursday.

"Whilst these modest adjustments might leave both brokers and clients feeling a tad dizzy, there's a silver lining for house hunters with Santander's new range of two-year fixed rates for purchases under £250,000. The real picture of where the market's heading will only become clearer once other lenders show their hands. Until then, we'll all be watching this rather intriguing financial ping-pong match with keen interest."