24 Jun

Fixed-rate mortgages at their cheapest since 2007

Fixed-rate mortgages at their cheapest since 2007

People looking to purchase properties for sale through estate agents are now facing some of the best mortgage conditions since the market was performing at its very best, a new report has said.

Since the end of summer last year, the government's Funding for Lending Scheme has been reaping rewards, with mortgages getting more affordable, but now the National Mortgage Index from Mortgage Advice Bureau has shown that fixed price products in May were at their cheapest since 2007.

It said that interest for the average five-year fixed rate loan sat at 3.96 per cent in May of 2013, the first time it had dipped below four per cent since June 2007, adding that this level was 0.9 per cent better than the same month last year.

For those who took out one of these mortgages in 2013, it means a saving of £4,700 compared to last year in the same month.ADNFCR-1222-ID-801603035-ADNFCR

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