The two-year average fixed mortgage rates in the UK reached 6.01% on Monday, which pushed the cost of borrowing in the kingdom to its highest level since December 2022, Invest-Gate reports.

The Bank of England is expected to raise the interest rates for the 13^th time on Thursday to contain inflation.

The surge in interest rates slowed down the British housing market, which had a limited impact on holders of mortgages.

According to the BoE, 1.3 mn of mortgages at fixed rates are still due before the end of 2023.