Tracker mortgage rates fall to record low
10 February 2010 09:07:24
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| Tracker mortgage rates have reached a record low. |
Figures from the Bank of England show that interest on fixed-rate mortgages also fell to 3.97% on the average two-year loan and 5.55% on a typical five-year deal.
The fall in interest rates follows the launch of more than 300 new mortgage products in January, increasing competition in the mortgage market and improving the availability of deals for people with small deposits.
For instance, the number of mortgages for people borrowing up to 90% of the value of their home has risen by 26%.
The figures follow the recent news that the number of mortgage approvals dipped slightly in December.
Commentators have attributed this to a seasonal slowdown and observed that the Bank of England figures show the total number of loans approved for house purchase during the month was nearly double the level seen in December 2008.
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