Blow to homeowners as five-year mortgages hit 6% for first time in over three years

Homeowners and prospective house buyers in Britain have suffered another blow as the average five-year fixed deal hit 6 per cent on Monday for the first time in more than three years.

Buy-to-let and residential mortgages alike hit the milestone, having surged across September as a succession of lenders pulled their best deals from the market – with just nine sub-5 per cent deals left on the market, according to Moneyfacts data.