The average cost of a five-year fixed-rate UK mortgage has hit 6 per cent for the first time since November, just as banks face growing scrutiny over whether they are doing enough to ease the pressure on consumers.
Top bankers at HSBC, NatWest, Lloyds and Barclays have been called to a meeting with the UK’s financial watchdog on Thursday to address the gap between spiralling mortgage costs and savings rates.
The Bank of England has lifted interest rates to a 15-year high of 5 per cent as it battles to bring inflation under control. The steep jump in mortgage rates, but smaller increase in savings rates, has led to accusations that banks are profiteering amid a cost of living crisis.
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