Cost of two-year fixed-rate UK mortgage rises above 6%, says Moneyfacts
Move comes ahead of expected increase in interest rates by Bank of England
The cost of a two-year fixed-rate residential mortgage in the UK has risen above 6 per cent, according to financial information provider Moneyfacts.
Mortgage costs have been rising sharply over the past week, ahead of an expected increase in interest rates from the Bank of England later this week.
According to 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.
The number of residential mortgage deals available is falling. There are 4683 products available today, down from 4923 on Friday.