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The Independent UK

Albert Toth

Mortgage rates increased as Iran war hits borrowers

Iran Nationwide Bank of England Lammy Moneyfacts Interest Rates Coventry Building Society

The average two-year fixed mortgage rate is now 4.84 per cent according to Moneyfacts - (Getty/iStock)

Several UK mortgage lenders have begun increasing interest rates as conflict in the Middle East continues to adversely impact economies worldwide.

Experts have raised concerns that inflation could rise as a result of the ongoing war, putting pressure on the Bank of England to hold off on further interest rate cuts.

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