Fixed rate mortgage cost falls

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Fixed rate mortgage cost falls

Wed, 03 Sep 2008

The average cost of a fixed rate mortgage has fallen by almost 0.7 per cent since the beginning of July, it has been revealed.

According to research by Moneyfacts.co.uk, the average cost of a two-year fixed rate deal stood at 7.08 per cent two months ago, but has now come down to 6.39 per cent.

Michelle Slade, analyst at the price comparison website, explained that the average cost of a fixed rate mortgage now stands at around the same level as it was before the onset of the credit crunch .

She said: "We should hopefully see further cuts from the big lenders in the coming months."

However, people should not expect mortgage rates to fall to the same level as the last time the Bank of England base rate stood at five per cent, she added.

Recently, figures from the Bank revealed that mortgage approval levels in July fell to their lowest level since 1999.

According to the institution, mortgage lenders approved just 33,000 new home loans during the month.

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