Mortgage rates in the UK have increased by 0.64 per cent in the past year, it has emerged.
Research by mform.co.uk showed that the best mortgage deal on the market currently stands at 6.35 per cent interest, compared to 5.7 per cent in August 2007.
This is despite several Bank of England base rate cuts taking its rate to five per cent, down 0.75 per cent since last year.
"We are living through a period of inflating prices and mortgages are no exception," explained Francis Ghiloni, mform's marketing and business development director.
He added that cuts made by the Bank do not necessarily translate to lower cost mortgages.
The biggest price increases have been experienced by two-year fixed-rate mortgage deals, which have jumped by 0.87 per cent to 6.38 per cent in the past 12 months.
Meanwhile, Skipton Building Society recently launched two new fixed-rate mortgages which offer annual steps to help homeowners cope with changing financial needs.
Mortgage rates increase by 0.64 per cent in 12 months
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Mortgage rates increase by 0.64 per cent in 12 months
Wed, 20 Aug 2008
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