Abbey for Intermediaries will launch a two-year fixed rate at 3.98% up to 70% LTV. For remortgage only, at up to 75% LTV, it will offer a two-year fixed-rate deal at 4.39% and a three-year fixed rate deal at 4.99%.

Alliance & Leicester Intermediary Sales will launch a two-year fixed rate at 4.39% and a five-year fixed rate at 5.74% for remortgage only.

Ricky Okey, managing director of Abbey for Intermediaries and Alliance and Leicester Intermediaries sales, said: “Swap rates have risen dramatically in recent weeks. By absorbing the cost of such increases as a business, we have largely been able to protect borrowers from the impact of rising swap rates by holding the vast majority of our fixed rate mortgages. However, following further swap rate increases and competitor movements, this is no longer possible and it has become necessary to increase the rates on some of the deals we offer.”

In terms of trackers, Abbey for Intermediaries will reduce its two year tracker rates by 0.20% to 3.29% and Alliance and Leicester Intermediaries Sales will reduce its two-year tracker rates by up to 0.30%.

Okey added: “For anyone who is looking for an affordable mortgage in the current environment these reduced tracker mortgages offers a great opportunity to make the most of the current low interest rates. Even if the Bank of England does raise the Bank Base Rate in the longer term these mortgages still offer fantastic value for money.”