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A healthy credit score has its benefits, so make sure you manage your debt correctly.
Discover the best travel insurance policy for your next trip.
Find current accounts offering in-credit interest rates up to 5.00% AER.
Explore the best cards with a 0% introductory period.
Could the value of your state pension rise by more than inflation?
Will your loved one's gift be tax affected?
Looking for inflation beating returns? Investing in shares could be an option.
This is the first time the average two-year deal dropped below 6% since June 2023.
The average rate for a two-year fixed mortgage fell below 6% today for the first time since mid-June of this year – dropping to 5.99% according to Moneyfacts’ data.
This is some months behind the average five-year fixed deal, which dropped below 6.00% in September and currently sits at 5.60%.
“Having peaked at 6.86% in late July, rates have gently been falling since early August due to a combination of factors including falling inflation, base rate pauses and reductions in swap rates,” explained James Hyde, Spokesperson at Moneyfactscompare.co.uk.
“In recent weeks, a number of lenders have begun to offer sub-5% two-year fixed deals, with the lowest rates available UK-wide sitting around 4.75%”, Hyde went on to add.
With the Bank of England’s Monetary Policy Committee (MPC) meeting to vote on the base rate next week, a cut to the central interest rate or even a prolonging of the pause could see average mortgage rates continue to fall further.
The base rate is a central interest rate that commercial banks receive when they hold money with the Bank of England. Increases and decreases to the base rate can be reflected in the rate these banks charge customers to borrow money (i.e. the amount of interest you pay on your mortgage).
Graph: The average rate for a two-year mortgage fell below 6% for the first time since June.
Mortgage rates were driven up earlier this year as the Bank of England’s MPC made consecutive hikes to the base rate in an attempt to quell chronically high inflation.
With inflation slowing dramatically to 4.6% in the year to October and the MPC holding the base rate at 5.25%, average mortgage rates have gradually been on the decline – an indication the market is improving.
A further positive sign, the mortgage market continues to see its highest product availability in over 15 years, with 5,766 deals available at the start of today.
Whether you’re a first-time buyer, moving home or looking to remortgage, you can use our dedicated charts to compare mortgage deals from across the market.
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The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.
This week's selection includes a one-year bond from Hodge Bank and a two-year fixed mortgage from MPowered Mortgages.
Each week the Moneyfactscompare.co.uk content team round up the very best mortgage rates available in the UK. Compare and apply today.
Selected mortgage rates drop this week, despite average rates rising throughout April.
However, climbing rates are countered by longer shelf-life and increased product availability.
However, climbing rates are countered by longer shelf-life and increased product availability.
The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.
This week's selection includes a one-year bond from Hodge Bank and a two-year fixed mortgage from MPowered Mortgages.
Each week the Moneyfactscompare.co.uk content team round up the very best mortgage rates available in the UK. Compare and apply today.
Selected mortgage rates drop this week, despite average rates rising throughout April.
However, climbing rates are countered by longer shelf-life and increased product availability.
However, climbing rates are countered by longer shelf-life and increased product availability.
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