HOMEOWNERS were dealt another huge blow today when the average cost of a five-year fixed rate mortgage rose above the six per cent mark for the first time since November.
Latest data from analysts Moneyfacts show the average five-year fixed rate up from 5.97 per cent to 6.01 per cent.
Meanwhile the average two-year rate was on the brink of surging past the 6.5 per cent barrier after rising from 6.42 per cent to 6.47 per cent.
The ever-increasing cost of fixed rate products will hit thousands of homeowners a day as their existing deals expire and they are forced to remortgage with far more expensive finance.
This story is from the July 04, 2023 edition of Evening Standard.
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This story is from the July 04, 2023 edition of Evening Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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