The big lenders, from NatWest to Nationwide, meet the chancellor over upheaval in the mortgage market.
monthly changeThe information you provided on your monthly payments would not be sufficient to pay off your mortgage within the number of years given.
The meeting with banks on Friday was mainly about "the optics", Mr Pitt said, adding he did not expect the government to step in with additional support. Mortgage rates have been rising for months. An average two-year fixed rate mortgage is currently at 6.19%, while the five-year rate is 5.82%, according to financial data firm Moneyfacts. In June last year those rates were closer to 3%.
The BBC understands some savings rates have already been put up following Thursday's rate rise. But in recent weeks, MPs have criticised banks for failing to pass rate rises on in full to savers with easy-access accounts.
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