The Telegraph - Major banks raise mortgage rates as war in Iran hits borrowing costs

The first major lenders have raised mortgage rates as the conflict in the Middle East and a potential inflation shock push up the price of borrowing.

HSBC, Natwest, Nationwide and Coventry Building Society announced their fixed rates would increase from this week. Challenger lender, Gen H, said it had reversed a cut because of “global uncertainty”.

Before the outbreak of the war last weekend, markets had been expecting the Bank of England to cut the Bank Rate – currently 3.75pc – twice more this year, with an estimated 85pc chance of a reduction in Marc

Aaron Strutt, of broker Trinity Financial, told The Telegraph: “It seems almost certain we are going to see a lot more rate changes over the coming days, so if you are on the hunt for a mortgage, it is worth locking into a new deal now.”

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