The i - What to do with your mortgage – as banks including Santander and Barclays cut rates

Major lenders have started to cut their mortgage rates this week after weeks of hikes, in a rare bit of good news for households. Since the start of March, mortgage rates have shot up because of the conflict in the Middle East and its impact on oil prices.

“Clearly the situation in the Middle East is changing all the time causing the money markets to fluctuate, so we can’t really say with much certainty that rates are going to come down more or that we have reached the peak,” said Aaron Strutt, of mortgage broker Trinity Financial told The i.

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