Cost of 5 year fixed rate mortgages hits 12-year high

Cost of 5 year fixed rate mortgages soar to 12-year high

Typical 5-year fixed rate mortgage now 6.02%, the highest since 2010, say Moneyfacts.

Some 2-year fixed rates have topped 6% this week, up from just over 2% in 2021.

Borrowers will be hit with massive payment rises when fixed deals expire.

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