The average two-year, fixed-rate mortgage is now lower than ever, new research has shown.
MoneySupemarket noted the launch of Leeds Building Society’s lowest-ever such home loan – which has a rate of just 1.99 per cent – has brought the typical amount for such an agreement down to a record 3.82 per cent.
This level is down from the 4.01 per cent recorded in August and could be positive news for borrowers eager to get their hands on a favourable deal.
Despite this, the price comparison site has urged those searching for a good deal to consider more than just the headline rate – as other fees and charges should also be taken into account.
Clare Francis, mortgage spokeswoman at MoneySupermarket – which was launched online in 1999 – said: “Most people are blinded by rate when it comes to mortgages.”
She added the new offer from Leeds offers a perfect example of why individuals must always look beyond the headline rate.
