U.K. borrowers are facing sharply higher mortgage costs. LONDON — U.K. borrowers are facing a cliff edge that could damage the economy as rising mortgage costs hit deal renewals and the number of products available shrinks, experts warned Monday. Prior to this, Moneyfacts said two-year fixed rates were last above 6% in November 2008. The number of residential mortgage products available has also fallen, from 5,264 on May 1 to 4,683. The average rate for a five-year mortgage is currently 5.67%, according to Moneyfacts.

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Persons: Moneyfacts, Martin Stewart, Stewart, Rishi Sunak, ITV's Organizations: LONDON, CNBC Locations: Halifax, United Kingdom, Britain