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Mortgage rates sink to record lows

Mortgage rates sink to record lows

By Eitan Fox  //  Mon 21st November 2016
Lender offers seven-year fixed rate mortgage deal as average two-year tracker rate breaks 2% barrier for the first time on record
A range of seven-year fixed rate residential mortgages has been launched following the Bank of England cutting its base rate to a 300-year low of 0.25%.

The home loan deals from Coventry Building Society for Intermediaries have rates starting from 1.99% at 50% LTV.

A 2.55% deal is also available for borrowers who require a mortgage to cover 85% of the value of their property.

The new products from the Coventry Building Society-owned brand follow news that the average two-year tracker rate has broken the 2% barrier for the first time on record.

The average two-year tracker mortgage rate is 1.96%, down from 2.02% six months ago and 2.01% in August 2015:

Meanwhile, the average two-year tracker rate at 60% LTV has risen from 1.72% in August 2015 to 1.81%, according to Moneyfacts.

The website also reports rates in the two-year fixed rate have also hit a record low of 2.47% from 2.54% six months ago and a drop of 0.21% year-on-year.

“Slashing the bank base rate has led to an impressive increase in activity among lenders looking to offer new tracker deals to prospective borrowers, with both trackers and fixed rates reaching new lows," says Rachel Springall, finance expert at Moneyfacts.

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