Barclays is raising prices across many products by 10 basis points, Accord is increasing some by up to 28bps and Gen H is hiking rates up to 20 basis points for the second time in a week.

NatWest and Leeds Building Society both put rates up over the weekend and last week and Keystone also repriced today following increases in swaps.

On Friday, Nationwide, Coventry, Nottingham and Virgin Money all announced they would be putting rates up.

At Barclays there will be widespread increases of 10 basis points on residential products tomorrow.

At Accord, within its residential new business range, two-year fixed rates are increasing by up to 28bps tomorrow, three-year fixes by up to 19bps and five-year fixes by up to 21bps.

For residential product transfers and additional loans, some two-year fixes are rising by 20bps, three-year fixes by 17bps and five-year fixes by 13bps apart from some 90% LTV deals.

At Gen H, some rates will go up by up to 20bps from 5.30pm today.

Among the increases, all core range rates will rise by 10bps.

High loan-to-income products between 60% and 95% loan-to-value will increase by an additional 10bps on top of that, so 20bps in total.

In the email to brokers, Gen H chief commercial officer Pete Dockar says: “Money markets are rapidly pricing out the prospect of any base rate reductions this year.

“Until we have more clarity about the conflict in the Middle East, we can expect this uncertainty in the market to hang around.

“As usual, Gen H are fast in everything we do – be it product launches, service levels, or rate changes – so while we are among the first to price up, we will also price down again as soon as we possibly can.”

John Charcol mortgage technical manager Nicholas Mendes says: “Mortgage rates had been gradually edging down over the past few weeks as markets priced in a series of Bank of England rate cuts later this year.

“The escalation in tensions involving Iran has shifted that tone quite quickly, as financial markets tend to react rapidly when geopolitical risk feeds into inflation expectations.

“Although oil prices have pulled back from earlier peaks, they remain materially higher on the day, still trading a little above $100 and roughly 10% higher overall.

“Energy prices tend to be one of the first transmission points into inflation expectations and that uncertainty has filtered straight through into government bond and swap markets.

“We’ve seen a sharp move in gilt yields, with the two-year currently around 21 basis points higher at roughly 4.08% and the five-year up about 16 basis points to around 4.27%.”

Mendes adds: “Those moves matter because they underpin the funding costs lenders use when pricing fixed-rate mortgages.

“As a result, we’re likely to see another wave of lenders withdrawing or repricing deals over the coming days, including some who only increased rates last week.

“When funding costs move this quickly, lenders typically respond fairly quickly as existing hedging rolls off, and they look to protect margins.

“Looking ahead to the next week or so, much will depend on whether markets settle or if volatility continues.

“Swap markets had previously been pricing in several Bank of England cuts this year, but expectations have shifted quickly.

“At this stage we are closer to a scenario where perhaps only one cut materialises across the year, rather than the series markets had anticipated a few weeks ago.”