The government must do what it takes to help homeowners facing crippling mortgages

Editorial: Rishi Sunak would do well to listen to Michael Gove, in charge of housing, who offers much more than pious hopes. He has raised the very real prospect of financial help

The average two-year fixed-rate mortgage on the market has topped 6 per cent for the first time this year (PA)

Mortgage rates are rising to levels last seen during the disastrous Truss-Kwarteng mini-Budget last year – and look set to go higher still in the short term.

The pain is starting to be felt by those coming off older ultra-low fixed-rate arrangements and onto the current unforeseen rates of 6 per cent or more. Middle-class families with relatively modest incomes are having to find perhaps £700 a month extra as their old home loans expire and they need to refinance.

Even for the most thrifty, that is quite a challenge – and in some cases an unaffordable one.