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Competition returning to mortgage market, claims expert
Mon, 08 Mar 2010
A leading mortgage advice expert has claimed that competition is returning to the market following the launch of two new products.

The Co-operative Financial Services recently unveiled a two-year fixed-rate mortgage of 3.19 per cent.

The loan, which is available through both the Co-operative Bank and Britannia, is for consumers with at least a 25 per cent deposit who pay a £999 fee.

Santander, meanwhile, also reduced rates on some of its mortgages by 0.74 percentage points for people borrowing up to 80 per cent of their properties worth.

Further to this, it has been revealed that the average cost of a fixed-rate mortgage has fallen from 4.88 per cent at the beginning of 2010 to 4.74 per cent.

And Darren Cook, spokesman at Moneyfacts.co.uk, welcomed the introduction of new products to the UK mortgage market and stated that there "is a growing sense that competition is returning".

"The drop in the average mortgage rates since the beginning of the year shows that rates are coming down," he said.

Ray Boulger, spokesperson for John Charcol, claimed that the Bank of England's decision to keep interest rates at 0.5 per cent is positive news for mortgage holders who will see rates continue to drop.

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