Gen H is hiking prices by up to 33 basis points, marking the third significant increase in a week following the impact of war in the Middle East.

The lender will be raising rates later today.

A wave of lenders including Santander, TSB, Halifax, NatWest and many others put their prices up yesterday.

At Gen H, all two-year rates will increase by 33bps, all three-year deals by 31bps and all five-year deals by 25bps at 5.30pm today.

A number of buy-to-let lenders have withdrawn their full product ranges to reprice.

Some did so yesterday with immediate effect, citing “exceptional and rapidly changing market conditions”.

Today’s increases by Gen H, come on top of hikes of up to 20bps yesterday and price rises of the same amount late last week.

Gen H chief commercial officer Pete Dockar says: “We’re firmly in VUCA territory right now – volatile, uncertain, complex, ambiguous – and dramatic rate swings in either direction are entirely plausible.

“This may feel like an unnerving time for borrowers, but in actuality, the uncertainty they’re facing isn’t symmetric.

“Lock in a rate today and that is the highest rate they will pay. If rates fall before completion, they can always switch to the lower one.

“The downside is capped; the upside isn’t.

“That’s a compelling case for acting now rather than waiting.

“As a non-bank challenger lender, we’ll always be among the first to move – so we’re planning to price down again as soon as we can.”

John Charcol mortgage technical manager Nicholas Mendes said yesterday: “As a result [of sharp movements in swaps and gilts] 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.”