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Nationwide became the flender to hike its fixed-rate deals yesterday, with the bank's two-year rate rising to 5.59 per cent - more than double the 2.54 per cent it was offering three months ago.
At today's rates, a £100,000 annuity will pay £34,000 more over 20 years than it did a year ago
Terrified homeowners have already begun putting their properties back on the market following seven interest rate rises this year, amid fears it could climb to 6 per cent in the first half of 2023.
Concerns inflation would surge higher led analysts to warn that interest rates may hit 6% next spring for the first time since the turn of the century.
Concerns inflation would surge higher led analysts to warn that interest rates may hit 6% next spring for the first time since the turn of the century.