Mortgage rates reach seven-year low, says Moneyfacts
www.moneynews.co.uk > Mortgages > Mortgage rates reach seven-year low, says Moneyfacts
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Money News |
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Mortgage rates reach seven-year low, says Moneyfacts
Tue 22nd Jun 2010
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According to Moneyfacts, an independent provider of personal finance information, the average rate on a two-year fixed mortgage is 4.25 per cent.
The organisation noted that rates have been falling since last year, with many lenders keen to steer borrowers away from low standard variable rate products.
"Competition for a limited amount of mortgage business continues to increase amongst lenders, who are once again actively competing to be top of best buy tables," said Moneyfacts spokesperson Michelle Slade.
She added that previously, only rates for borrowers with large deposits were being slashed.
Figures published earlier this week by Rightmove show that property values across England and Wales rose by just 0.3 per cent in the five weeks to June 12th 2010.
The organisation suggested that the government's decision to abolish Home Information Packs has led to an increase in the number of properties on the market.
Click here for more mortgages news
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