The average five-year fixed mortgage deal has increased, now sitting at over six percent.
On Tuesday, the average rate for a five-year fixed-rate mortgage hit 6.01 percent, according to Moneyfactscompare.
The average two-year fixed deal is now 6.47 percent.
The Bank of England increased the base right to five percent. This is the 13th consecutive base rate rise the bank has approved, pushing mortgage rates up further and further.
This puts further pressure on those who are coming off a fixed-term deal and those on a variable rate, as their monthly mortgage repayments are set to soar as rates are much higher than they were years ago.
Source: Expressnews.co.uk