11 Mar 2026
Mortgage Rates Increase as Lenders React to Iran War
The UK mortgage market is seeing lenders withdraw deals and hike mortgage rates amid the escalation of conflict in Iran. This isn’t great news for borrowers, with the average rate for a two-year fixed deal sitting above 5%.
We have seen many lenders increase their rates over the last week, with almost 500 mortgage products being pulled from the market, which is the highest since Liz Truss announced the mini-budget back in September 2022.
The US-Israel War with Iran has created a feeling of uncertainty for the housing market. Prior to this, there was a strong prediction that the Bank of England would cut the UK base rate this year, with some experts believing there would be multiple cuts. However, this is unlikely to be the case now.
For those with a fixed mortgage that is about to expire, or a first-time buyer looking to get into the property ladder, it may not be welcome news. However, the team at Mortgage Required are on hand to help. They have access to a wide range of lenders, and will regularly check your rate up until you complete, ensuring you have the best option available to you.
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