The average five-year fixed-rate mortgage has risen to more than 6%
'How exactly do you expect me to hold my nerve?': Caller confronts Minister on mortgage rates
Mortgages can be fixed-rate, meaning the borrower has to pay a set amount every month over the course of the two or five years, or they can be on a tracker - meaning the amount usually goes up and down with the Bank of England's base rate. Banks met the Chancellor and agreed there will be a minimum 12 month period before a home is repossessed.
Chancellor Jeremy Hunt hailed the "important" agreements with banks and lenders."There are two groups of people that we are particularly worried about.
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