What Mortgage - Mortgage rates shoot up to 5.5% milestone

The average mortgage rate has hit 5.50% in what is being described as an ‘unwelcome milestone’ for borrowing costs.

Aaron Strutt, product and communications director at Trinity Financial, said: “A 5.5 or six times salary income multiple is probably ok when rates are below 4% but when they get closer to 5% it is easier to see how borrowers could struggle.

“So far despite fixed rates getting much more expensive, mortgage acceptance criteria has generally stayed the same but as the financial fall out of the war continues lenders are having to respond.”

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The information contained within was correct at the time of publication but is subject to change.

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