Mortgage cost comes down again

The average cost of a two-year fixed rate mortgage has fallen to its lowest level for nearly seven years, says a financial information group.

Interest rates charged on two-year fixed rate deals have been falling since August last year, dropping to an average of 4.52 per cent yesterday, according to Moneyfacts.co.uk.

The rate is the lowest since September 2003, and down from 4.93 per cent at the beginning of the year.

There has been an improvement in availability of mortgages as well.

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