Mortgage borrowers have been urged to review their options after Nationwide and Accord increased rates amid a rise in swap rates.

Mortgage Advice Bureau said the changes formed part of a series of mortgage rate increases announced by lenders this month.

Rachel Geddes, strategic lender relationship director at Mortgage Advice Bureau, said: “Accord and Nationwide have both increased rates today, adding to a string of similar moves from lenders this month.

“The driver is rising swap rates rather than any change to the Bank of England base rate, but the effect for borrowers is the same either way: mortgages are getting a little more expensive.

“First-time buyers are typically the most exposed to moves like this, since they’re often borrowing at higher loan-to-values where pricing is most sensitive.

“If you’re mid-way through securing a mortgage, don’t assume the rate you were quoted last week still stands – get it locked in as soon as you can.

“For remortgagers, today’s changes are a nudge rather than a shock. Anyone coming to the end of a fixed deal should be reviewing their options now rather than waiting for it to expire, since most lenders let you secure a new rate months in advance and switch to something cheaper later if pricing improves.

“None of this should mean pressing pause on plans. Rates are still well below the peaks seen earlier this year, and lenders have shown all year that they’re quick to bring pricing back down once costs settle.

“The sensible approach is the same as always: act on expert mortgage advice now, rather than trying to time the market.”