Millions of homeowners are set to see their mortgage repayments soar once again as rates have now hit a 15-year high, passing the levels seen in the aftermath of last autumn’s mini-budget.
The average two-year fixed-rate mortgage rate on the market reached 6.66% on Tuesday (July 12), up from 6.63% on Monday, Moneyfactscompare.co.uk said. The last time two-year fixed rates were this high was in August 2008.
Many mortgage holders are now baring the brunt of unaffordable repayments after the Bank of England chose to raise interest rates 13 consecutive times in a bid to lower inflation.
