An average two-year fixed-rate mortgage has increased by £35 a month in just a few weeks.
According to financial data firm Moneyfacts, the average two-year fixed rate on a £200,000 mortgage over a 25-year term is now 5.64%. That compares with 5.34% before the latest inflation data.
Moneyfacts said the interest charge has hiked by 0.3 percent, with recent data showing that inflation has not come down as quickly as expected. Inflation is the rate at which prices for goods and services rise. The higher the level of inflation, the less your money travels.
