Mortgage rates spike in yet another blow for UK borrowers

Jump to contentThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged inAllNewsSportCultureLifestyleMortgage rates have climbed to their highest point in a month, with the average two-year fixed deal reaching 5.59 per cent and the average five-year deal at 5.61 per cent. The rise in rates is primarily linked to a re-escalation of hostilities in the Middle East, particularly the US-Iran conflict and the closure of the Strait of Hormuz. These geopolitical tensions have led to increased oil prices, higher energy costs, and elevated inflation expectations, which subsequently push up swap rates that dictate mortgage pricing. Several prominent lenders, including Santander, Barclays, HSBC, and Halifax, have reacted by repricing or withdrawing more than 100 mortgage deals over the past week. Rachel Springall, a finance expert from Moneyfacts, advises borrowers to consider securing new deals with their current lenders or consulting a mortgage broker to navigate the unstable market conditions. In fullUK mortgage deals rise again as average two-year deal hits 5.5%More bulletinsThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in

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