9 Dec

Mortgage rates 'see biggest weekly fall since start of 2009'

Mortgage rates 'see biggest weekly fall since start of 2009'

Mortgage rates across the board have tumbled marking their most substantial weekly fall since the beginning of the year, according to moneyfacts.co.uk.

The consumer website pointed out that the average two-year fixed rate fell to 4.86 per cent at the beginning of December.

Lenders including Abbey, Yorkshire Building Society and Scottish Widows are among those to cut their rates.

It was the Post Office that slashed rates furthest however, cutting some by up to 1.30 per cent.

Michelle Slade, spokesperson for moneyfacts.co.uk, said: "Lenders finally appear to be putting the 'open for business' sign back in the window and bringing competition back to the mortgage market."

In other positive news for homeowners, the Post Office announced that it will be offering its contents insurance customers an additional ten per cent cover over the festive period.

Certain customers will also be eligible to receive a £25 fuel voucher or cash-back, the financial services company added.

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