Nationwide has increased the rates on some of its 10-year fixed mortgages by 0.3 percentage points as mortgage rates across the board seem likely to rise.

Last week Skipton Building Society increased rates on some mortgages by 0.37 percentage points, while another mutual, West Bromwich, scrapped its market-leading 10-year fix.

Nationwide’s cheapest 10-year fix now costs 2.99pc, with a £999 fee, for a minimum deposit of 40pc.

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The increased rates are not unexpected, as UK mortgage rates are heavily influenced by movements in the global financial markets. “Swap rates” – the rates lenders pay to secure money in the market – have been increasing steadily since September and mortgage rates typically follow suit shortly afterwards.

For someone borrowing 60pc of the value of a £350,000 home for 25 years, the total cost of Nationwide’s 2.99pc fix over the 10-year term would be £120,880 including fees. The cheapest option for the same scenario is HSBC’s fee-free 2.49pc deal, which would cost £113,150 over the fixed term – a substantial saving.

Mortgage rates hit record lows this year, as swap rates sank between January and September, with a particularly sharp fall after the EU referendum.

Lenders have not acted as quickly to increase rates, but it is unlikely that undercutting will continue.

David Hollingworth, of mortgage broker London & Country, said: “The days of every lender announcement bringing a new low in fixed rates seem to be drawing to a close.”

He said the intensely competitive mortgage market was keeping some rates low, but added that increasing swap rates could be viewed as an indicator of pressure on lenders to increase the rates paid by borrowers.