Fixed mortgage rate dropped on average since January
Moneyfacts.co.uk the financial information service yesterday published a six-month review of the mortgage market, in it they said the cost of all types of fixed rate mortgage had dropped on average since January.
They mention that it is clear that the mortgage market had a significant boost during the first half of 2016, and this led to some of the lowest rates on record. Their latest research showed that, since the start of the year average rates across all fixed mortgage terms have fallen, making it a great time for mortgage borrowers
According to Moneyfacts UK mortgage interest rates which are already at record lows have fallen in the first half of the year, it said the lower costs were driven by competition.
They mention that even though loan costs have fallen, many potential first-time buyers still struggle to raise the funds required.
Source Moneyfacts.co.uk
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