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Fixed rate mortgages fall to their lowest level since April 2007

By The Beresfords Marketing Team - 21 May 2010
Mortgage borrowers who are looking for the security of fixed monthly repayments should now consider fixing their mortgage as average fixed rates have fallen across the board to their lowest levels since 2007.

Since April 2008, the average rate for two-year fixed deals has fallen significantly with rates at a current low of 2.89%. This means a fixed repayment on a £250,000 mortgage would be £819.89 per month.

John Lineham, Beresfords Financial Services Director, commented: “It’s promising that fixed rate mortgages are moving in the right direction, and we are seeing average rates falling to their lowest level since the height of the credit crunch. With inflation rising, the potential for the Bank of England to raise base rates in the near future increases, so borrowers who are looking to fix their mortgage repayment should consider whether now is the perfect time to switch.”

For further information contact Beresfords mortgages on 0800 389 986