29 August, Thursday, 2024
No menu items!
HomeSourcesbbc.comMortgage rates soar to cusp of mini-budget peak

Mortgage rates soar to cusp of mini-budget peak

Mortgage lenders will be questioned by MPs on Tuesday as the typical rate on a two-year fixed deal is close to surpassing the mini-budget peak.

The average interest rate on a deal is now 6.63%, only slightly lower than a high of 6.65% on 20 October last year.

Mortgage costs have been soaring recently as lenders grapple with inflation and uncertainty over interest rates set by the Bank of England.

Bank and building societies bosses will be in front of the Treasury Committee.

The hearing, which starts at 10:15 BST will cover the mortgage stress faced by borrowers, the response to people falling behind on repayments and the wider impact on the UK housing market.

Sourcebbc.com
RELATED ARTICLES

Most Popular

Recent Comments