"UK Mortgage Rates Reach 15-Year High, Causing Financial Stress"

Mortgage rates in the UK have reached their highest level in 15 years, with the average rate on a two-year fixed deal now at 6.66%, the highest since August 2008. Lenders are grappling with inflation and uncertainty over interest rates set by the Bank of England, leading to increased mortgage costs. The Treasury Select Committee questioned bank and building society bosses about the impact on customers, with lenders stating that people fixing deals at current rates could face an increase of about £350 a month in their repayments. The rise in mortgage costs may also affect renters, as landlords seek to recoup higher mortgage expenses.