Rising Mortgage costs and a shrinking number of available products in the UK could damage the economy as borrowers face a "cliff edge", according to financial information firm Moneyfacts. The average two-year fixed rate mortgage rose to 6.01%, its highest level since December 2022, while the number of residential mortgage products available has fallen from 5,264 to 4,683. Martin Stewart, director of mortgage advisory London Money, said the situation was "seismic" and the market was "dysfunctional and arguably broken". Banks including HSBC and Santander have temporarily withdrawn mortgage products amid market uncertainty.

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