Houses pictured on 8th June 2023 in Halifax, United Kingdom. U.K. borrowers are facing sharply higher mortgage costs.
Mike Kemp | In Pictures | Getty Images
LONDON — U.K. borrowers are facing a cliff edge that could damage the economy as rising mortgage costs hit deal renewals and the number of products available shrinks, experts warned Monday.
New figures from financial information company Moneyfacts showed the average two-year fixed rate mortgage on a residential property in Britain rose from 5.98% Friday to 6.01%, its highest level since Dec 1.
The spike in late 2022 came in the wake of the government’s market-rattling mini-budget. Prior to this, Moneyfacts said two-year fixed rates…