Banks raise mortgage costs by £800 a year as cost of living crisis continues

Brits face paying £800 more for their mortgages a year as loan costs rise, worsening the cost of living crisis.

The cost of a two-year fixed-rate mortgage fell as low as 0.9% last year, but have now gone up to 1.89% on average.

That is due to two increases in Bank of England base rate, which is factored in to the cost of homeloans.