Huge rise in number of cheap five-year fixed-rate mortgages
The lowest rate on offer is base rate less 0.01 per cent which comes with a 2.75 per cent arrangement fee, while the highest rate is base rate plus 0.74 per cent, which comes with a fee of 1.25 per cent.
Customers can get these deals on mortgages of between �500,000 and �5,000,000 up to a maximum loan-to-value (LTV) of 65 per cent.
Ray Boulger, mortgage expert at John Charcol, said: These two deals are designed to accommodate borrowers who can not easily afford to pay, or can but don't want to, the much higher rates which would be necessary without a big fee being used to subsidise the rate.
Meanwhile, Darren Cook, mortgage expert a Moneyfacts.co.uk, claims that an increasing number of customers will be making use of their lenders' standard variable rate in the next six months.
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