Thursday 6 October 2022 10:13 AM Kwasi Kwarteng holds crisis talks with mortgage lenders as rates soar trends now
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Kwasi Kwarteng is holding crisis talks with mortgage lenders today as the average five-year fix topped 6 per cent for the first time in a decade.
The Chancellor is meeting high street lenders and the largest challenger banks after his mini-Budget fuelled a plunge in the Pound and market mayhem.
A swathe of mortgage deals have been pulled and rates hiked as institutions factor in expectations that the Bank of England will take tougher action to curb inflation.
Yesterday the rate on a typical two-year fixed mortgage surged past 6 per cent for the first time in 14 years, on the same day that Liz Truss told the Conservative Party conference that the Government was pursuing 'difficult but necessary' decisions.
According to Moneyfacts.co.uk, the average five-year fixed-rate mortgage had crept up to 6.02 per cent today - the first time it has crested 6 per cent since February 2010.
Yesterday the rate on a typical two-year fixed mortgage surged past 6 per cent for the first time in 14 years - suggesting many
