Stories

Wed, 11 Mar 2026

Wed, 11 Mar 2026 Mortgage rates rise and deals pulled over Iran war turmoil

Average mortgage rates hit highest since last August in the biggest upheaval since the mini-Budget.

* Average rate on two-year fixed deals has risen above 5%
* Five-year mortgages are at their most expensive since June
* Over 500 mortgage products have been withdrawn from the market in the past two days, a level not seen since the mini-Budget of 2022
* Renewing or applying for a new mortgage will be affected by the rate increases
* Borrowers are advised to consider switching rates four months before their current deal expires
* Lenders are raising rates due to changing predictions about the Bank of England's benchmark interest rate
* Petrol and diesel prices continue to rise, with unleaded petrol reaching 139.64p per litre and diesel at 157.19p per litre