Taking out a two-year fixed-rate mortgage has become more expensive than at any point in the past eight years, according to data that show how the Bank of England’s resolve to fight inflation may exacerbate the tightening in credit conditions and hit homebuyers.

The average rate that lenders are quoting for a two-year fixed-rate mortgage, for borrowers with a 25 per cent deposit, rose from 6.06 per cent in April to 6.27 per cent in May, figures published on the Bank’s website showed on Tuesday. That is the highest since September 2000 – when the Bank’s official interest rate of 6 per cent was a full percentage point higher – and represents a rise of 50 basis points over the past three months, even though the Bank cut rates as recently as April.