Turmoil in the UK mortgage market is at its most intense since the mini-Budget of 2022, figures suggest, as the average rate on two-year fixed deals rose above 5%.
The rate is at its highest level since August, according to financial information service Moneyfacts. Five-year mortgages are at their most expensive since June.
Nearly 500 mortgage products have been pulled off the shelves in the last two days, the highest number since the aftermath of mini-Budget, when Liz Truss was prime minister.
Anyone renewing a fixed mortgage, or looking for a new one – such as first-time buyers – will be affected.
