Mortgage Informer

The average cost of a leading two-year fixed rate mortgage has fallen by more than 1% during the past six weeks, figures have shown.

Interest rates charged on best buy two-year fixed-rate deals have been slashed by 1.16% since the beginning of August as competition returns to the market and lenders relaunch sub-5% rates.

The cost of a leading three-year fixed rate loan has also fallen by around 0.56%, while best buy five-year deals are down by an average of 0.4%, according to mortgage company mform.co.uk.

LONDON, Sept 2 (Reuters) – The British housebuilding industry’s main lobby group said government measures aimed at bolstering the slumping property market were positive, but called for more action to improve mortgage availability.
“We welcome today’s package as a positive set of measures to assist the housing market — and particularly the hard-pressed first-time buyer,” Stewart Baseley, chief executive of the Home Builders’ Federation, said in a statement on Tuesday.
“However, we still also need action to tackle the current constraints on mortgage funding. This remains a critical part of the overall picture on which the ultimate success of today’s measures depends.”