In a shocking twist that surprised absolutely no one who has been paying attention, nearly all major UK mortgage lenders have announced increases in home loan costs in recent days.

Analysts are uncertain whether more increases are coming, but they're urging anyone who needs a new deal to act now - because nothing says 'financial security' like rushing into a commitment you might regret. Someone whose five-year deal is ending faces paying more than £5,000 more a year on their next deal under a typical rate, if they borrow the same amount. That's roughly the cost of a small car, or a lot of avocado toast.

Many lenders allow borrowers to lock in a new deal six months before their current one expires, with the option to switch if costs drop before it kicks in. But as Rachel Springall from Moneyfacts noted, "Borrowers expecting mortgage rates to drop in the coming weeks have had their hopes dashed." She added, "It is still essential borrowers do not delay seeking advice to navigate the mortgage maze." Translation: get help, because this maze has minotaurs.

Interest rates fluctuate based on the Bank of England's base rate and market conditions. For borrowers on fixed-rate mortgages - which most homeowners have - the rate doesn't change until the deal expires, usually after two or five years. Since the Iran war began, global economic uncertainty has pushed up costs. Someone on a typical two-year deal borrowing £250,000 is likely to pay £120 more a month than if they'd secured the deal at the start of March, when US-Israeli strikes began. Yes, geopolitics has a direct line to your monthly outgoings.

More recently, UK government borrowing costs have been rising, which has a knock-on impact on mortgage rates. That pressure was maintained in the latest sale of debt by the UK on Tuesday. Bank of England governor Andrew Bailey is expected to face questions about this bond market upheaval when he appears before the Treasury Committee of MPs later Tuesday. Good luck with that, governor.

The situation has led several major lenders to raise rates in recent days. David Hollingworth from broker L&C said, "The difficult bit is knowing whether this is the end or just the first round of increases." Aaron Strutt of Trinity Financial added, "Hopefully this will be the end of the rate rises for a while, but there are certainly no guarantees. Multiple small mortgage price rises add up and ultimately deter people from buying homes."

Potential buyers and borrowers are being urged to seek advice and plan early. Latest data from the Bank of England shows more buyers are taking loans with smaller deposits, leaving them more exposed to rate changes. The proportion of mortgages where the loan exceeds 90% of the home's value has hit its highest level in 18 years. Because what could possibly go wrong with small deposits and rising rates?

The latest moves are a further blow to those coming off much cheaper five-year deals. However, rates are still some way short of their peaks of recent years, and how much people can borrow depends on their circumstances. As of Tuesday, the average rate on a new two-year deal was 5.65%, and on a five-year product, 5.70%. So, not quite the bargain bin, but not the panic room either - yet.