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UK banks pull the most mortgage products in 3 years amid market turmoil over Iran
Nearly 500 mortgage products withdrawn recently as typical two-year fixed rates surpass 5%, driven by inflation risks linked to Middle East conflict, Moneyfacts reports.
- Updated 07:29 EDT on 11 March 2026, UK lenders pulled more mortgage products in the last two days than since the September 2022 mini-Budget, with the typical two‑year fixed rate rising above 5 per cent to 5.01 per cent.
- Before the conflict, markets had expected a Bank of England rate cut this year, but rising oil prices after the US-Israel war with Iran erased those expectations and lenders are re-pricing amid volatile two-year government bonds.
- Five‑year fixes are at their most expensive since June, with the average five‑year fix at 5.09 per cent, and the cheapest deals around 3.75 per cent may vanish by the end of next week, mortgage brokers warn.
- Around one million households due to end cheap fixed deals this year face higher costs, while first‑time buyers, remortgaging borrowers, and buy‑to‑let landlords with interest‑only loans will see larger monthly increases.
- Moneyfacts' Adam French warned 'recent days have been some of the most turbulent in the UK mortgage market since the aftermath of the September 2022 mini-Budget' and noted almost 500 residential mortgages were pulled in 48 hours, urging borrowers to lock in deals soon.
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UK banks pull the most mortgage products in 3 years amid market turmoil over Iran
British banks withdrew more home-loan products on Monday than on any day since the 2022 mini-budget turmoil, data from financial services provider Moneyfacts showed, as the Iran crisis sent energy prices and UK borrowing costs soaring.
·United Kingdom
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Coverage Details
Total News Sources11
Leaning Left1Leaning Right3Center2Last UpdatedBias Distribution50% Right
Bias Distribution
- 50% of the sources lean Right
50% Right
L 17%
C 33%
R 50%
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