The average five-year fixed mortgage rate has hit 6% and the average two-year fix is close behind at 5.98%, according to Moneyfacts.

Both rates are now at their highest level for around three years, when mortgage costs soared in the aftermath of the Liz Truss mini-Budget in autumn 2023.

The number of fixed mortgage deals priced below 5% has fallen by 99% since the start of September.

Excluding products available only in Northern Ireland, there are now just nine sub-5% fixed deals, down from 1,494 at the beginning of the month.

By contrast, the number of variable rate mortgages below 5% has remained relatively stable, dipping from 411 to 389 over the same period.

Moneyfacts says several of the largest lenders made repeated fixed rate increases during September.

Barclays increased selected fixed rates four times, while HSBC, Lloyds Bank, Nationwide, NatWest, Santander and TSB each made three rounds of increases.

Moneyfacts finance expert Rachel Springall says: “The past few weeks have seen pricing margins among major lenders come under immediate pressure from renewed swap rate volatility.

“The impact on sub-5% fixed mortgages has been brutal, with around 1,500 deals priced below 5% vanishing since the start of September while the average five-year fixed rate has reached 6%, with the average two-year not far behind.

“Average fixed mortgage rates have not been above 6% for around three years.”

Springall adds: “Those coming to the end of a fixed deal would be wise to seek advice and compare deals carefully, particularly as borrowers could secure a new deal a few months before their existing mortgage ends.”