Mortgage rates increased by Virgin Money and Santander

Dariusz Karpowicz, Director at Doncaster-based Albion Financial Advice, said: "0.75% in a single repricing is not a wobble. That is a lender running for cover. Virgin Money just told the market exactly how nervous they are, and the rest of the high street will follow before the week is out. "When nobody wants to be the cheapest on the best buy tables, you know the mood has shifted from caution to outright fear. The real question is whether this is 2008 again or just a brutal correction. "Either way, products are vanishing daily, rates are climbing by the hour, and borrowers who hesitate are paying for it. If you are mid-application, lock your rate today. Tomorrow's pricing is anyone's guess."