25th November 2009

According to Moneyfacts, the average interest on a 2 year fixed rate mortgage has fallen below 5%.  This is largely the result of the easing of inter-bank credit supply as well as revived competition between mortgage lenders as new (or returning) lenders come into the market. This is good news for borrowers as it is also leading to an easing of the general lending crieria attached to mortgages (e.g minimum income, arrangement fees, rental coverage…etc).