Mortgage rates in the UK have reached their highest levels since August, with average two-year fixed rates now at 5.31% and five-year fixed deals at 5.24%. This increase, attributed to rising borrowing costs, poses a risk of an additional £500 annual expense for those re-mortgaging, as calculated by Bloomberg Economics. Major banks, such as Barclays and HSBC, are following suit by raising their mortgage offers. Nationwide is also tightening conditions on its Helping Hand mortgages, reflecting the changing landscape of home loans during challenging economic times.
The government needs to intervene to bring the cost of borrowing down before we head into a messy recession in the months to come.
The average rate for a two-year fixed mortgage stands at 5.31%, a slight increase from the previous 5.06%.
Bloomberg Economics estimate that this will cost those who are re-mortgaging their home loans this year an additional £500 on average.
Nationwide describes the popular mortgage as being 'to help those who don't think they can borrow enough to buy their first home'.
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