Mortgage rates at seven-year low
New statistics show the extent to which mortgage rates have fallen in recent years, with the average homeowner paying their lowest rate since 2003.
According to the figures from Moneyfacts, the typical two-year fixed-rate home loan now costs just 4.52 per cent, which represents its lowest point since September 2003.
Fixed-rate deals have been falling in price recently with many lenders looking to tempt borrowers away from the record-low standard variable rate (SVR) offers.
The savings could help homeowners improve their property with a garden studio or bespoke conservatory.
Moneyfacts spokeswoman Michelle Slade explained that many households are remaining on SVRs and overpaying rather than switching to fixed-rates at a higher price.
"Lenders are trying to incentivise borrowers onto new fixed-rate deals by making significant cuts to rates," she said.
"A fifth of lenders have moved to increase their SVR since bank rate was kept on hold after finding their previous level unsustainable."
Meanwhile, homeowners heading off on holiday have been warned by Aviva to remember to secure their garden and its contents.
Posted by David Waxman
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