The average cost of five-year fixed-rate UK mortgages has hit 6 per cent for the first time since November, as banks are called to respond to concern that savings rates are lagging behind rises in borrowing costs.

The residential mortgage rate reached 6.01 per cent on Tuesday, according to data provider Moneyfacts, as the Bank of England has repeatedly increased the base rate to tackle persistent inflation. 

The figures come ahead of a meeting between major banks and the Financial Conduct Authority on Thursday to discuss the savings rates offered to customers, which have failed to keep up with mortgage prices. According to Moneyfacts, the average easy access savings rate across all banks is 2.45 per cent.