BBC News - Mortgage rates rise and deals pulled over Iran war turmoil

Turmoil in the UK mortgage market is at its most intense since the mini-Budget of 2022, figures suggest, as the average rate on two-year fixed deals rose above 5%.

The rate is at its highest level since August, according to financial information service Moneyfacts. Five-year mortgages are at their most expensive since June.

Brokers said they were expecting further rate rises in the coming days, but people could take action.

"Most lenders allow their existing mortgage customers to secure a rate switch four months before their fixed or tracker rates expire," Aaron Strutt, from broker Trinity Financial told the BBC.

"At the moment some of the banks and building societies are still offering sub-4% fixed rates," he said.

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The information contained within was correct at the time of publication but is subject to change.

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