The cost of a two-year fixed-rate mortgage in the UK rose above 6 per cent on Monday and two-year gilt yields rose to their highest level for 15 years, piling more pressure on homeowners and Rishi Sunak’s government.
Mortgage costs have been rising sharply over the past week, ahead of an expected increase in interest rates from the Bank of England on Thursday.
According to data provider Moneyfacts, the average cost of a two-year fixed-rate deal rose from 5.98 per cent on Friday to 6.01 per cent on Monday morning. The cost of a five-year deal has risen from 5.62 per cent to 5.67 per cent.
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