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The Guardian - UK
The Guardian - UK
Business
Zoe Wood and Ben Quinn

Average rate on five-year fixed mortgage deal in UK climbs above 6%

United Kingdom Interest Rates
New housing under construction in York
New housing under construction in York. Financial markets expect UK base interest rates to hit 6% by the end of the year. Photograph: Gary Calton/The Observer

A typical five-year fixed mortgage deal in the UK now has an interest rate of more than 6%, putting further pressure on borrowers who are hoping to buy a home or reaching the end of their existing deals.

Data from the financial information firm Moneyfacts shows the cost of a five-year deal for homeowners rose to 6.01% on Tuesday, up from 5.97% on Monday. It is the highest level since last November, after mortgage rates had been driven up by the mini-budget chaos of last autumn.

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