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The Latest Breaking News from Moneyfacts

Average five-year fixed mortgage rate hits 6% for first time in 12 years

Both two-year and five-year fixed mortgage rates are now sitting just above 6% on average, according to Moneyfacts.co.uk.

The Independent UK

Average five-year fixed mortgage rate goes above 6% for first time since 2010

The average interest rate on a five year fixed mortgage smashed through six per cent for the first time since 2010 on Thursday in the latest blow for homeowners.

Evening Standard

Rates for two-year fixed mortgage pass 6% mark for first time since 2008

News comes day before UK chancellor is due to discuss impact of market turmoil with high street lenders

The Guardian - UK

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Mortgage rates hit highest level in 14 years - surging past 6% in blow for buyers

A standard two-year fixed rate mortgage deal has risen to 6.07^ since Chancellor Kwasi Kwarteng’s Mini-Budget was announced last month, Moneyfacts has said in its latest analysis

Daily Mirror

Average two-year fixed-rate mortgage hits 6% for first time since 2008

The last time the average two-year fixed-rate mortgage was 6% or more was in November 2008, Moneyfacts.co.uk said.

The Independent UK

Average two-year fixed-rate mortgage edges close to 6%

A typical two-year fixed-rate mortgage on the market now has a rate of 5.97%, across all deposit sizes, Moneyfacts said.

The Independent UK

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

Government’s 45p tax U-turn and calmer stock markets do not result in cheaper new mortgage deals

The Guardian - UK

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Buy-to-let landlords facing financial cliff edge after mini-budget

Mortgage market meltdown has left many amateur landlords facing a stark choice: to raise rents or sell up

The Guardian - UK

More than 40% of mortgages withdrawn as market reels after mini-budget

Lenders began pulling products on Monday as they struggled to price products amid financial uncertainty

The Guardian - UK

UK house prices may fall 20% amid mortgage ‘carnage’, warn experts

Lack of supply will prevent crash, say some, while others predict ‘simple maths’ mean property price bubble poised to burst

The Guardian - UK

Almost 1,000 mortgage deals pulled as panic grips UK housing market

Borrowers unable to secure loans and provisional offers withdrawn as some pay huge penalties to lock in longer fixed rates

The Guardian - UK

UK house prices to fall by at least 10 per cent in 2023, experts predict

HOUSE prices in the UK will fall by at least 10 per cent in 2023, experts have predicted.

The National (Scotland)

Nearly 1,000 mortgages disappear from the market overnight after mini-budget

There were 2,661 mortgage products on the market on Wednesday, down from 3,596 on Tuesday. Many mortgages for new customers have been pulled from the market as banks adjust to the mini-budget.

Wales Online

‘Record overnight drop’ in choice of mortgages amid ongoing economic fallout

Last night’s fall was around double the previous record seen during the first coronavirus lockdown.

Evening Standard

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The Independent UK

‘Record overnight drop’ in choice of mortgage products

The fall was around double the previous record seen during the first coronavirus lockdown, Moneyfacts said.

Wales Online

What the current financial climate really means for homeowners and buyers according to a Welsh mortgage broker - and his one piece of advice

One broker in south Wales said he's been "flat out with people panicking" since the Bank of England announced rates were going up

The Guardian - UK

Nearly 300 UK mortgage deals pulled in a day as pound’s fall heralds rate rise

Santander, HSBC, Bank of Ireland, Clydesdale and building societies among those to withdraw products

Daily Mirror

Savings accounts to receive boost as rates rise to highest levels in almost a decade

The average rates being offered on some savings accounts have reached their highest level in nearly a decade according to Moneyfacts.co.uk - and there's a wider choice of savings products available

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The Independent UK

More than 500 mortgage deals vanish from the market in the space of a month

Despite the selection of mortgage products narrowing, it could still be worth borrowers seeing if they could get a cheaper deal, Moneyfacts said.

The Guardian - UK

Key UK mortgage rate passes 4% for the first time since 2013

The price of a new two-year fixed mortgage is now rising faster than base interest rates, Moneyfacts data reveals

The Guardian - UK

Time to switch your current account? Banks up rewards to lure new customers

This summer is unusually awash with generous incentives to make the change but beware the catch

The Guardian - UK

Why aren’t banks passing on interest rate rises to customers?

Rates have gone up six consecutive times, yet very few savers are benefiting, researchers find

The Guardian - UK

Mortgages: your options if you want to switch deals or are a first-time buyer

The lowdown for different categories of borrower as interest rates continue to rise

Wales Online

Average mortgages to go up by £50 a month

This adds up to an extra £605.16 in mortgage costs over the course of a year.

The Independent UK

£50-a-month jump in average tracker mortgage costs following rate rise

The increase adds up to more than £600 extra in mortgage costs over the course of a year.

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