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By Kevin PeacheyCost of living correspondent

Mortgage lenders will be questioned by MPs on Tuesday as The typical rate on a two-year fixed deal is close to surpassing The mini-budget peak.

The average Interest rate on a deal is now 6. 63%, only slightly lower than a high of 6. 65% on 20 October Last Year .

Mortgage costs have been soaring recently as lenders grapple with inflation and uncertainty over Interest rates set by The Bank of England.

Bank and building societies bosses will be in front of The Treasury Committee.

The hearing, which starts at 10:15 BST will cover The mortgage stress faced by borrowers, The response to people Falling Behind on repayments and The wider impact on The UK housing market.

It will also examine how.

Mortgage rates have risen consistently and - at times - sharply over recent weeks, with The possibility of more increases to come.

Data on wages and rising prices mean markets anticipate that inflation and Interest rates will stay higher for longer in The UK than previously expected, which has been reflected in The funding costs of mortgages.

That has pushed typical mortgage rates to The Peak seen in The Aftermath of The mini-budget during Liz Truss 's short-lived premiership.

If The average two-year rate breaches 6. 65%, then it will be The highest since August 2008, according to The financial information service Moneyfacts.

Mortgage rates 15 years ago hit 7%, as global economies were hit by a banking Crisis .

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How much could my mortgage go up by? How much are you borrowing? If you have an existing mortgage enter The outstanding balance left to pay. If not, enter The Total you are looking to borrow. £ How long will you take to pay it back? If you have an existing mortgage enter The Total number of years remaining. If not, enter The Total number of years you are looking to borrow over. years What is your Current . . For those with a mortgage enter The rate for your Current fixed term. For those without a mortgage enter an Interest rate from another source, such as a bank's mortgage rate calculator. Interest rate monthly payment % Choose an Interest rate to compare with… %

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This calculator does not constitute financial advice. It is based on a standard mortgage repayment formula based on The mortgage size and length and a fixed Interest rate. It should be used as a guide only and does not represent The suitability, eligibility or availability of mortgage offers for users. For exact figures, users will need to approach an official mortgage lender.

Interest rates fluctuate based on The Bank of England's base rate and market Conditions .

The Bank of England has been raising The benchmark Interest rate in an attempt to tackle The inflation rate which remains stubbornly high.

The Expectation of further increases has pushed up The cost of funding mortgages, and so lenders have been increasing The rates they charge customers.

For people coming off fixed deals and looking for a new one, there is The potential of having to pay hundreds of pounds more a month.

Around 2. 4 million fixed-rate mortgages are due to end between now and The End of 2024, according to figures from banking Trade Association Uk Finance .

Aaron Strutt, from mortgage broker Trinity Financial, said that The uncertainty of The Situation made it difficult for lenders to price mortgages. A rush of people trying to secure deals at lower rates had meant The Money allocated by some providers to lend in mortgages was drained.

He added that there was evidence of a split with large numbers of people renewing with their existing lender, without The requirement for further affordability assessments.

The recent rises in mortgage costs are also likely to have a knock-on effect on renters who could face higher payments as landlords seek to recoup The Rising cost of higher mortgages. Squeezed landlords may decide to sell properties, which could lead to fewer homes available to rent, according to The National Residential Landlords Association.

Following a meeting with Chancellor Jeremy Hunt , lenders agreed to some flexibility and making sure homes are not swiftly repossessed from those struggling to pay.

Labour is also planning to hold its own mortgage summit in The Coming days.

What happens if I Miss A mortgage payment?

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Source of news: bbc.com