Fixed rate mortgages 'at lowest level for 23 years'

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www.moneynews.co.uk > Mortgages > Fixed rate mortgages 'at lowest level for 23 years'

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Fixed rate mortgages 'at lowest level for 23 years'

Mortgage rates in the UK have fallen to their lowest level since 1988, according to data from Moneyfacts.co.uk.

The website said the average two-year fixed-rate mortgage deal is now priced at 4.32 per cent, while the typical three-year product stands at 4.92 per cent.

Tracker mortgages have also seen a significant drop in rates, with two-year deals priced at 3.37 per cent on average.

Moneyfacts said lenders have started to offer more competitive deals in an attempt to draw in new business.

In addition, recent predictions that the Bank of England will not increase the base rate until 2012 has left many companies happy to lower their rates.

"Lenders appear to be applying cuts equally across all loan-to-value tiers, which is good news for first-time buyers," said spokesperson for the website Michelle Slade.

She advised prospective homebuyers to move quickly or risk missing out on "some of the lowest rates ever seen".

Moneyfacts also published a list of some of the best mortgage deals currently available, including a Woolwich from Barclays two-year fixed product that offers a rate of 2.68 per cent with a fee of £1,999.

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