Calculations by Moneyfacts show that borrowers who took out a five-year fixed rate in March 2021, could have locked into an average rate of 2.75%.

But now, the average five-year deal has soared to 5.54%.

Based on a typical £250,000 mortgage over a 25-year repayment term, fixed rate costs have surged from £1,153 to £1,541 a month.

It means home owners would have to find an extra £388 per month or £4,655 per year to keep on top of repayments.

Average two-year fixed rates are now even more expensive than five-year deals, for the first time since last summer, the website says.

Moneyfactscompare.co.uk personal finance analyst Caitlyn Eastell says: “The outlook for interest rates has changed drastically over the past few weeks, spurred by unstable swap rates caused by the conflict in the Middle East.

“As a result, the mortgage market has been extremely volatile and over 1,700 products have been withdrawn since 9 March.

“While some of these deals have come back, they are at higher rates and it could be fair to assume many lenders may be taking this path, which could drive average rates up further.

“Currently, lenders are expecting several base rate hikes, which may be demoralising for borrowers.

“Even just one 25bps hike could push mortgage rates higher, but borrowers on trackers will quickly feel the force of these rises.

“Around 1.8 million borrowers are expected to refinance this year; this includes those coming off low five-year fixed rates.

“Borrowers have the option of securing a new deal typically up to six months before their current rate expires, this may be crucial for those who are concerned about rising costs.

“This also avoids borrowers slipping onto their revert rate, which would add over £630 per month on average, an amount that many may not be able to afford.”