Major lenders have increased a selection of mortgage rates in recent days, despite the drop in the Bank of England base rate last week.

HSBC, Nationwide Building Society, Santander, TSB and Virgin Money are among those to have reviewed their offerings.

Nationwide said some new rates will apply to mortgage applications from today.

Among the changes, it is increasing selected two-, three- and five-year fixed- rate deals by up to 0.2%.

Nationwide said the new rates are reflective of the current swap rate environment and increase in mortgage rates seen across the market in recent weeks.

Nationwide is also reducing rates on 10-year fixed-rate products by up to 0.11% as well as selected higher loan-to-value two-year fixed-rate products by up to 0.15%, to further improve its competitive position in those markets.

A Nationwide spokesman said: “Nationwide is not immune to the current swap rate environment and the changes we’re making on our fixed-rate range are reflective of that and the rate changes happening across the market.

“Our tracker rates are seeing a reduction to reflect last week’s bank rate decision. We continue to support existing customers with our pricing pledge and remain competitive and well-positioned in the market to support all borrowers.”

HSBC is also increasing fixed-rate mortgages from today, with further details to be unveiled this morning.

Santander increased selected mortgage rates by up to 0.31% yesterday.

Among the changes, selected standard homeowner fixed rates across purchase, remortgage and green products were increased by up to 0.29%.

TSB said that two and five-year fixed first-time buyer and home mover rates had increased by up to 0.3%.

Virgin Money also announced increases to fixed-rate mortgages yesterday. Among the changes, selected two- and five-year rates for home purchase were being increased by up to 0.15%.

Some Virgin Money mortgage deals were also being withdrawn as part of the shake-up.

Hina Bhudia, a partner at Knight Frank Finance, said: “It often takes one large lender to prompt a broader shift in mortgage pricing and announcements of rate hikes are now coming thick and fast.

“The outlook for interest rates has changed and the market needs to reprice as a result. The moves we’re seeing aren’t small either.

“We’ll need a real and enduring change in the inflation outlook for mortgage rates to begin falling again, which means the recovery is on pause for now.”

Last week, the Bank of England cut the base interest rate to 4.75%, a 0.25% cut.

Nicholas Mendes, mortgage technical manager at broker John Charcol, commented: “While many lenders have opted to maintain their existing rates to preserve business volumes and service standards, those offering competitive pricing have been forced to adjust, likely due to applications levels.

“These influxes often stretch service levels, prompting rapid rate changes to manage demand effectively.

“Adding to the pressure, swap rates – key indicators used by lenders to price fixed-rate mortgages – have edged upward, further necessitating these adjustments.

“The combination of market dynamics and rising swap rates highlights the difficult landscape borrowers are navigating.”