Article: Hallelujah! Lenders finally cut fixed rates.(News)

Article from:
Daily Mail (London)
Article date:
March 25, 2009
Copyright

Byline: Liz Phillips

LENDERS are finally passing on base rate cuts to borrowers who want to fix their mortgages. This could provide a rare opportunity to fix your mortgage at historically low levels for years into the future.

The best two-year fixed rates have crashed from more than 6 pc last summer to less than 3 pc now, knocking nearly [pounds sterling]280 a month off the cost of a typical [pounds sterling]150,000 home loan.

But first-time buyers with a 10 pc deposit can still expect to pay more than 6pc because banks and building societies only want those with rock-solid credit records.

However, five-year deals, though slightly more ...

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