This is great news for current and potential homeowners and should see a spike in people able to get their foot on the property ladder at last.
(PRWEB UK) 22 February 2013
Mortgage rates are at their lowest ever levels, with homeowners accessing the lowest fixed rate deals since their introduction in 1989, reports The Guardian.
The data from Moneyfacts revealed that rates have fallen to their lowest levels in 24 years, with even for first time buyers with only a 10% deposit.
Mortgage rates have been dropping gradually since the government launched the Funding For Lending Scheme in August 2012, aimes at encouraging banks to lend more.
Now borrowers can access the best two, three and five year fixed rates since 1989.
A spokesperson from Cost.co.uk said:
“This is great news for current and potential homeowners and should see a spike in people able to get their foot on the property ladder at last. The fact that even first-time buyers are benefiting from this initiative is even more encouraging. The recession has made it very difficult for people to enter the property ladder in recent years, but it looks as if the market is finally on the mend and better than ever.
“For borrowers looking for the right mortgage deal for them, it is well worth using a comparison site and looking into what deals will benefit you most.”
Based in Essex, Cost.co.uk is one of the UK’s leading price comparison sites. Allowing their online customers to seek out great deals and offers for home insurance, mortgages, credit cards, holidays and more. Founded in 2012, the agency has a trusted reputation for sourcing the most ideal policies at affordable prices.