The average rate on a new two-year fixed mortgage rose above 6% for the first time since 2008, according to data that heightened concerns about a crisis in the home loan market.

The news that the new typical rate has risen to 6.07% comes a day before Chancellor Kwasi Kwarteng is due to meet the chief executives of Britain’s biggest banks to discuss the impact of the financial market turmoil on mortgages and affordability.

Moneyfacts, a provider of financial data, said the average new two-year fixed rate rose again and topped 6% on Wednesday. This rose to 5.97% on Tuesday, having already risen to 5.75% on Monday.

The average two-year fixed was up from an average of 4.74% on September 23, the day of the mini-budget. At the beginning of December last year, it averaged 2.34%.

Moneyfacts reports that the last time the rate was 6% or higher was in November 2008, when it reached 6.31%. It was weeks after the breakup Lehman Brothers and the onset of the financial crisis.

A sharp rise in mortgage rates means some homeowners are seeing their monthly payments increase by hundreds of pounds. Someone who took out a £200,000 mortgage over 25 years at 2.34% would pay £882 a month. At 6.07% that would be £1,297 – £415 more.

Mortgage payment schedule

There were hopes that the government’s 45p tax on Monday and the slightly calmer market conditions that followed would lead to slightly cheaper new mortgage deals.

So far, the opposite has happened, although some mortgage brokers said lenders needed time to react to the rapidly changing situation and predicted some would start to cut their rates in the next week or two, assuming markets remain relatively stable.

Lenders effectively shut down new mortgages after the financial turbulence caused by the mini-budget sent interest rates on government loans soaring, causing 40% of deals to be canceled last week. Most of the biggest players have re-entered the market, but their new offers are usually much more expensive: for example, some of NatWest’s new two-year fixes have been increased from 4.28% to 5.62%.

Unusually, the average new five-year fixed mortgage rate is lower than the average two-year mortgage rate at 5.97% as of Wednesday, although it was up from 5.75% just 24 hours ago.

Moneyfacts also reported that the number of new standard mortgage deals available rose very slightly on Wednesday to 2,371, compared with 2,358 the day before.

A spokesman said: “A longer-term correction may seem more attractive … Consumers should consider carefully whether now is the right time to buy a home or wait and see how things change in the coming weeks.” They added: “It is vital that they seek advice to assess the deals available to them right now.”

Some mortgage brokers are trying to reassure worried borrowers. Private Finance said that while the mortgage market had “entered unprecedented times” following the mini-budget, “we would like to reassure everyone that recent activity … is not a mortgage crisis and banks are still ready to lend “.

Sky News reported that the chief executives of Britain’s biggest lenders were called to talks with Kwarteng on Thursday, convened by the Treasury, with the heads of Barclays, Lloyds Banking business The group and NatWest are among those slated to take part.

After lenders canceled mortgage deals en masse in the days after the mini-budget and in many cases raised their prices, Nikhil Rathi, chief executive of the Financial Conduct Authority, told the Sunday Times that the regulator was “incredibly vigilant” about the impact on households of more high rates.

He added that banks will have to explain when products will return to the market, saying: “If a product is withdrawn for a temporary period, we want to understand when they will return to the market so that those people who may need refinancing can start fulfilling their plans”.

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