UK Two-Year Mortgage Rate Hits Highest Since 2008 in Fresh Pain
- The average fixed-rate mortgage has surpassed mini-budget peak
- Inflation, rate hikes are heaping pressure on mortgage holders
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UK mortgage holders have a fresh financial worry to deal with after a key lending rate surged to its highest in almost 15 years.
The average rate for fixed two-year home loans rose to 6.66% on Tuesday, the highest since August 2008, according to Moneyfacts Group Plc. The average five-year fixed-rate deal increased to 6.17%, edging to closer to a 14-year peak reached in October after the government’s ill-fated mini-budget spooked markets.