The average rate of a new two-year fixed rate mortgage is 6% as the UK's biggest lenders change prices.
The UK's biggest mortgage lender will raise rates on Wednesday as the cost of new fixed rate deals keeps climbing.
That prompted mortgage providers to rapidly pull hundreds of deals from the market. This week, the availability of products has started to pick up again. On the morning of the speech it was 4.74%. Now, it is 5.97%. A five-year fixed deal has typically risen from 4.75% to 5.75% over the same period.On Wednesday, the largest of them - the Halifax - will increase its own. A spokesman said this was to "reflect the continued increase in mortgage market pricing over recent weeks".
He said the current upheaval is likely to be a relatively short-term issue with lenders scrambling to reset prices, rather than a longer-term problem.Lenders were playing safe with their rates, he added. Notably, the TSB has a stricter test of affordability - checking whether homeowners can cope were rates to rise to 8% before accepting an application.
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