Average five-year fixed mortgage interest rate has hit 5.94%, its highest since October 2023, says Moneyfacts

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Demand for UK mortgages slumped to a 32-month low in August as buyers were deterred by rising costs linked to the war in Iran.

Just 54,918 mortgages for new home purchases were approved in August, the Bank of England reported on Tuesday, the lowest monthly total since December 2023.