• From This is Money:

    People who want to fix their mortgage rate for two years are now typically paying 4.99%, according to financial information group Moneyfacts.co.uk.

    The cost of the deals rose sharply during July to peak at 5.21% as lenders responded to rising swap rates, upon which the mortgages are partially based.

    The average margin charged on a two-year fixed-rate mortgage is now 3.21%, up from 2.72% in June.

    Michelle Slade, spokeswoman for Moneyfacts.co.uk, said: ‘Borrowers are finally starting to see more positive news coming out of the mortgage market.

    ‘Lenders have become accustomed to the post banking collapse world and appear to finally be relaxing their credit criteria while remaining within a regulated frame work.’…

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    Posted by Jon @ 11:18 pm

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