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Mortgage rates 'reach 7-year low'
Average mortgage rates in the UK have fallen to their lowest level in almost seven years, new research has revealed.
Figures from Moneyfacts found that the average rate on two-year fixed rate deals has dropped to 4.52 per cent, the lowest figure recorded since September 2003 when the average was 4.51 per cent.
According to the body, rates have been falling since September 2009 as lenders look to encourage borrowers to come off standard variable rates (SVRs)
Michelle Slade, spokesperson for Moneyfacts, said: "Many borrowers are opting to remain on record low SVRs and overpaying their mortgage rather than secure a new deal at a higher rate.
"Lenders are trying to incentivise borrowers onto new fixed-rate deals by making significant cuts to rates."
Recent figures from the Council of Mortgage Lenders found that mortgage lending in the UK rose by seven per cent during May in comparison to figures for the previous month.