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The Guardian - UK
The Guardian - UK
Business
Rupert Jones

UK mortgages: average rate on a two-year fixed deal soars to nearly 6%

United Kingdom Chris Sykes Moneyfacts
Estate agents boards
Lenders withdrew 40% of mortgage deals after the market turmoil caused by the 23 September mini-budget. Photograph: Phil Noble/Reuters

The average rate on a two-year fixed mortgage has jumped to just under 6%, according to data released on Tuesday, dashing hopes that UK government efforts to calm the financial markets might ease the cost of home loans.

Amid warnings from brokers that 95% mortgages could be the next casualty of the financial uncertainty triggered by Kwasi Kwarteng’s mini-budget, research firm Moneyfacts said the average new two-year fixed rate jumped to 5.97% on Tuesday, having already risen to 5.75% on Monday.

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