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Mortgage rates shoot up | Daily Mail Online

The cost of a fixed-rate mortgage deal has gone up by hundreds of pounds over the past six months

Homebuyers face rising mortgage bills as cheap deals vanish.

The cost of a new fixed-rate mortgage deal has gone up by hundreds of pounds over the past six months. 

The average two-year fixed-rate deal rose from 2.21 per cent last October to 2.48 per cent today.

As a result, the cost of a £150,000 loan has jumped from £7,812 to £8,064 a year — a £252 increase.

Five-year fixed-rate deals have also gone up over the past six months. 

Interest on the average loan rose from 2.76 per cent to 2.91 per cent, costing an extra £132 a year, says financial data firm Moneyfacts.

Mortgage costs have been climbing since the Bank of England increased the base rate from 0.25 per cent to 0.5 per centlast November. 

Halifax hiked some fixed-rate deals by up to 0.36 per cent, TSB by up to 0.25 per cent, Coventry BS by as much as 0.24 per cent and Skipton BS by 0.22 per cent.

moneymail@dailymail.co.uk

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