Major lenders including NatWest, Santander, HSBC, Lloyds, Nationwide and TSB have hiked rates for a second time since the start of September.

Average rates are now 89 basis points higher than they were at the beginning of March when the impact of the war in Iran first sent swap rates soaring.

Moneyfacts calculates this has £131 per month or £1,572 per year average mortgage repayments, based on a £250,000 loan over 25 years.

Moneyfactscompare.co.uk finance expert Rachel Springall says: “A second wave of mortgage rate hikes has begun from the major banks in reaction to growing concerns surrounding inflationary pressures.

“Swap rates have climbed above 4.7%, leading lenders such as NatWest, Santander, HSBC and TSB to increase selected fixed rates for the second time this month.

“It is highly likely other lenders will follow suit to adjust rates, and with some deals withdrawn from the market, it is expected any returning deals could well be priced higher.

“Several building societies have also started to reprice for a second time this week, such as Nationwide, and others have withdrawn and replaced products.

“The average two-year fixed mortgage rate is at its highest point since June, with the average five-year fixed back up to levels not seen since April.”

Commenting on the changes by Santander, Trinity Financial product and communications director Aaron Strutt says: “A price hike of 45bps on the two-year fixes and 40bps on the five-year fixes is going to come as a bit of a shock to customers.

“I can’t remember the last time five of the big six lenders hiked their rates on the same day.

“It looks like this Santander rate change means the bank is pulling the last of its sub-5% rates – it had a 4.52% two-year fix a few days ago.”