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Interest rates on two-year fixed mortgage deals have seen their largest monthly rise in eight years.

Data firm Moneyfacts.co.uk says two-year deals hit a historic 2.21% average low in October, but have now shot up 0.12% to 2.33% – the biggest monthly increase since August 2009.

It’s the same story with five-year fixes, which rose from an average 2.76% in October to 2.88%.

Charlotte Nelson, finance expert at comparison site Moneyfacts.co.uk, said: “The rise in the average two-year fixed rate has essentially wiped out any rate cuts that have occurred in the last six months.

“Speculation surrounding the base rate rise last week saw SWAP rates (the rate lenders borrow at) rise, with providers having little choice but to factor this into their pricing.”

Since the start of October, 49% of lenders have increased their rates and the recent base rate rise will only add fuel to the fire. Now could be the time to make your move onto a fixed rate. The best two-year deals are Digital Mortgages from Atom Bank at 1.09% on 40% deposits, 1.12% on 25% deposits and 1.79% on 10% deposits, all with £900 fee.

If you want to fix for longer, fiveyear deals include First Direct’s 1.74% on 40% deposits and 1.89% on 25% deposits, both with £725 fee and Atom Bank’s 2.45% on 10% deposits with £900 fee.