Mortgage borrowers, and first-time buyers in particular, are facing a sudden squeeze as lenders withdraw low-deposit deals and interest rates climb sharply.
Industry data show more than 200 low-deposit mortgage products have been removed since 6 March, with one day seeing 52 deals pulled and another 30 taken off the market.
Overall, over 20% of products available at the start of the month are no longer on offer.
Average fixed rates have moved up noticeably.
The typical two-year fixed rate is now about 5.51%, up from roughly 4.83% at the start of March, while the five-year figure sits near 5.52%, higher than at the beginning of the month.
First-time buyers with only a 5% deposit are among the worst affected, facing average two-year rates above 6%.
For someone borrowing £250,000 over 25 years, that shift would add around £1,200 a year compared with early March.
Brokers say the market is changing so fast that it can be hard to know whether a quoted rate is still available.
Lenders are finding it difficult to price new fixed deals, and the most competitive offers may only last a few days, advisers warn.
The recent surge in mortgage costs follows renewed geopolitical tensions in the Middle East, which upended expectations that UK interest rates would be cut this year.
That shift has pushed market-implied chances of Bank of England rate rises higher.
The Bank has kept its base rate at 3.75% and its governor has said policymakers will watch events closely, suggesting markets may be overestimating the path for future hikes.
Economists and markets are currently sending very different signals about the outlook, highlighting the uncertainty.
There is a silver lining for some savers and pensioners: rising bond yields have started to lift annuity rates, meaning people converting pensions into guaranteed income could secure higher payments.
Analysts expect annuity offers to improve further as the effect feeds through.
Given the turbulence, advisers recommend borrowers seek independent mortgage advice and act cautiously.
Until geopolitical and financial conditions stabilise, mortgage availability and pricing are likely to remain volatile.
