The average five-year fixed-rate homeowner mortgage has jumped above 6% for the first time since November last year
It follows the Bank of England’s move last week to raise interest rates to 5 per cent as it battles to control spiralling inflation
The last time the typical five-year fixed-rate residential mortgage topped 6% was in November last year, when rates rose sharply following former chancellor Kwasi Kwarteng’s mini-budget.Before that the rate had not reached that level since the autumn of 2008
The major banks have been summoned to a meeting with the Financial Conduct Authority (FCA) to discuss concerns surrounding interest rates for savers falling behind rising mortgage prices.
The FCA expects bosses from HSBC, NatWest, Lloyds and Barclays to attend the Thursday meeting amid allegations of “blatant profiteering”.
