MORTGAGE costs have hit the highest level for 15 years after the rate on a two-year fixed deal surpassed the peak in the aftermath of the mini-budget reports the BBC.

The average rate on such a deal is now 6.66% – a level not seen since August 2008 and the financial crisis.

Mortgage costs have been soaring recently as lenders grapple with inflation and uncertainty over interest rates set by the Bank of England.

Mortgage lenders will be questioned by MPs later on Tuesday.

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https://www.bbc.co.uk/news/business-66153812