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UK mortgage rates tick up

HSBC has become the latest lender to raise its residential mortgage rate as the prospect of imminent rate ruts from the Bank of England fades.

The bank has joined Santander, Natwest and Nationwide in increasing its lending rate.

The average five-year fixed rate touched a low of 5.18% at the end of January, but has now edged up to 5.3%, according to Moneyfacts data.

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