Long-term mortgages 'could be cheaper'
The cost of the average two-year fixed-rate mortgage deal has reduced by the largest weekly amount since the beginning of the year, new research has found.
According to Moneyfacts.co.uk figures, the average rate stands at 4.86 per cent and is currently at its lowest level since August.
Furthermore, a quarter of all two-year fixed deals on the market are priced at below four per cent.
However, while Ben Wilkie, editor at What Mortgage, welcomed this news, he added that long-term mortgage products could actually be cheaper.
"If you are taking out a short-term fixed-rate at the moment, in two years when your deal comes to an end, [you might find that] longer term is actually better value," he added.
Assetz predicted last month that house prices are likely to rise by five per cent next year.
Such news may mean that Britons will find flats to rent in Blackheath or another part of London are cheaper than property for sale in the same area, where prices can be high.
Written by Charles Mackay
Published 10th December, 2009
© 2009 Estates IT Limited
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While there has been a fall in two-year mortgage rates, longer-term products could be a cheaper option, it has been said - which may prompt Britons to rent instead.