Two and five-year fixed-rate mortgages in UK at highest level for seven months

Data from Moneyfacts shows average cost of two-year deal now at 6.23% with five-year at 5.86%

The average price of two and five-year fixed-rate mortgages in the UK has hit its highest level for seven months, putting further pressure on borrowers who are reaching the end of their deals.

Data from financial information firm Moneyfacts showed the cost of a two-year deal for homeowners rose to 6.23% on Monday, up from 6.19% at the end of last week and its highest since last November.