Precise Mortgages has increased rates by 0.4 percentage points on two year fixed rates and 0.20 percentage points on all tracker products.

Three year fixed rates have increased by 0.50 percentage points and five year fixed rates by 0.60 percentage points.

Meanwhile, fees assisted products which are currently only available on fixed products are now available on tracker products as well.

Alan Cleary, managing director of Precise Mortgages, said: “We have entered a new phase of the cycle, which means money markets are likely to be volatile and this affects our cost of funds.

“We expect continued volatility and therefore have made a moderate increase to our rates to compensate.”