UK mortgage rates surge to 15-year high and surpass peak under Truss last year

Average two-year fixed residential mortgage rate climbed to 6.66%, narrowly exceeding the 6.65% touched on October 20 and the highest since August 2008, data shows

Prime minister Liz Truss announcing her resignation in October.

A key British mortgage rate hit a 15-year high when it rose above the levels reached in the aftermath of September's "mini-budget" crisis during the premiership of Liz Truss, adding to strains on the country's slowing housing market as the Bank of England battles stubborn inflation.

The average two-year fixed residential mortgage rate climbed to 6.66%, narrowly exceeding the 6.65% touched on October 20 and the highest since August 2008 when it stood at 6.94%, according to data provider Moneyfacts.