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Wealth
City of London

Key UK Mortgage Rate Exceeds 6% for First Time Since 2008

  • Average two-year fixed rate for mortgages rose to 6.07%
  • The five-year rate approached 6%, a level not seen since 2010
Residential properties displayed for sale in the window of an estate agents' in London.

Residential properties displayed for sale in the window of an estate agents' in London.

Photographer: Isabel Infantes/AFP/Getty Images

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The squeeze on finances for thousands of British homeowners is set to intensify after a key rate on mortgage borrowing costs climbed to its highest level in almost 14 years.