The average five-year fixed-rate mortgage has exceeded 6 per cent, according to new data.
Financial information website Moneyfacts revealed that on Tuesday, the typical rate on the market reached 6.01 per cent up from the previous day's average rate of 5.97 per cent. It's the highest rate that homeowners and would-be buyers have faced since November last year, during the tumult which followed former PM Liz Truss handling of the economy.
The last time these five-year fixed-rate mortgages surpassed 6% was in the wake of "mini-budget" announcement by former Chancellor Kwasi Kwarteng last year, where rates experienced a sharp rise. Similarly, the average two-year fixed residential mortgage deal climbed to 6.47 per cent on Tuesday, up from the previous day's 6.4 per cent, approaching the highs seen in October of the previous year during a period of market volatility.
