More than 30 lenders have hiked rates in recent weeks amid renewed inflation fears caused by the Iran war, according to Moneyfacts.

The difference in interest alone over the first five years comes in at £73,000.

The number of mortgage approvals for home purchases rose to 58,200 in June, compared with 56,600 in May

Renewed tensions in the Middle East feed through to the costs faced by lenders, pushing up borrowing costs.

Mortgage 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.

Britain’s biggest lenders are raising borrowing costs as hopes of an interest rate cut fade

Inflation expectations and renewed hostilities have seen mortgage prices rise once more

Until there is more certainty, mortgage rate moves are ‘unlikely’ to calm in the weeks ahead, an expert at Moneyfactscompare.co.uk said.

Average fixed homeowner mortgage rates have recorded their biggest daily jump since spring this year, according to financial information website Moneyfactscompare.co.uk.

But you’ll need a family member’s help to be eligible.

The mortgage, which is subject to affordability assessments, is available through brokers or direct with Leeds Building Society

Previous cuts to fixed rates had ‘dragged the market in a positive direction’, a mortgage expert said.

Demand for remortgaging is also expected by banks and building societies to dip in the coming months.

British lenders approved the fewest mortgages since December 2023 in May ​and consumer lending grew less than expected, according to Bank ‌of England data that laid bare the impact of higher borrowing costs caused by the U.S.-Israeli war on Iran.

Act now if you are due for a renewal – most lenders let you change to a better deal later

The lender’s lowest rate is now 4.19 per cent. We ask experts if providers will go even further

Nationwide Building Society is making a range of reductions, with several other lenders also having made cuts to their mortgage rates in recent days

The cuts begin today, Tuesday

Brokers are divided on the issue

The property ladder keeps moving

William Coe said it could be ‘unintentionally shutting first-time buyers out of exactly the homes they can afford’

The Bank of England’s move to steady interest rates at 3.75 per cent should give lenders the confidence to offer cheaper mortgage deals, says James Moore – but there’s one man who could ’do a Liz Truss’ and ruin it all

Swap rates have been heading downward and more lenders could now reduce their rates

A recent update from the Middle East could have an immediate impact on mortgage rates

The new analysis comes from Moneyfacts

Economists expect policymakers to leave borrowing costs unchanged as they weigh slowing growth against rising price pressures

Mortgage brokers and property experts have hailed Trump’s Middle East peace deal, but also issued a note of caution

The Newcastle-based company said recovery in the housing market could be slowed as a result of the challenges.

The Financial Conduct Authority (FCA) will explore how to help lenders offer flexible repayments for people with variable incomes, like those who are self-employed

The ‘churn’ of mortgage products remaining on the market before being withdrawn has been calming down, Moneyfacts said

Continued global tensions mean nothing is set in stone

Economists are anticipating further interest rate increases later this year

A reader is concerned about the effect a potential Labour leadership contest could have on them

Two major high street banks have today cut mortgage rates, in what brokers are hailing as a ‘significant shift’. 

Number of claimants exempt from work requirements surges by one million in a year amid falling employment levels

The launch comes as rising living costs make it harder for aspiring homeowners to save the traditional 5 to 10 per cent deposit required by most lenders

UK homeowners are being warned to be aware and take action where they can

The cost of mortgages has increased since the start of the conflict as lenders have anticipated that interest rates will not fall as previously expected

‘Least affordable’ areas mainly in London commuter belt, UK Finance finds, with data not taking Iran war into account

Bank of England figures show approvals for remortgaging with a different lender also increased

British lenders approved the most mortgages in four months in March while consumer lending grew at the fastest ​annual rate in over two years, according to Bank of England ‌data which showed some resilience in the economy at the start of the Iran war.

Bank of England figures show approvals for remortgaging with a different lender also increased over the month.

The Monetary Policy Committee opted to maintain the base rate at 3.75 per cent following today’s meeting

Hundreds of sub-4 per cent products were removed from the market as swap rates shot up during the Iran war

While rates have recently fallen, they could soon rise again leaving homeowners in “limbo”

Banks and building societies are offering homebuyers super-sized mortgages of six times salary as they struggle to climb the property ladder.

Mortgage rates are still well above the level they were pre-crisis, but they are dropping for homeowners and buyers

Santander and HSBC UK, which both made mortgage rate reductions last week, are making further cuts this week.

Barclays joined the raft of lenders cutting rates across mortgage products as attention turned to the Bank’s interest rate decision.

The mortgage market is showing signs of recovery, with some major lenders reducing borrowing costs and hundreds of deals returning to the market.