Average mortgage rates in the UK have leapt up with the two-year fixed rate at its highest for 14 years, according to data service Moneyfacts. 

Yesterday the average mortgage rate for a two-year fixed product was 6.07% - the last time the average two-year fixed rate mortgage was 6% or more was in November 2008 at 6.31%. The rate was up from 5.97% on Tuesday, and compares with an average rate of 4.74% on September 23 meaning the average rate has risen 1.33% since chancellor Kwasi Kwarteng’s mini budget. 

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