Average two-year rate pauses for breath: Moneyfacts

The average two-year fixed rate rose marginally from last week’s half a basis point fall, according to data from Moneyfacts.

The rate currently stands at 2.47 per cent, the same rate as this time last year.

The 60 per cent LTV category has seen its average two-year fixed rate increase from 1.91 per cent to 1.92 per cent, and the 75 per cent LTV category has also risen, from 2.31 per cent to 2.32 per cent.

In addition, the 80 per cent LTV category rose, from 2.43 per cent to 2.44 per cent, and the 85 per cent LTV category from 2.44 per cent to 2.45 per cent.

Meanwhile, the 65 per cent LTV category, and the 70 per cent LTV category remained unchanged at 2.01 per cent and 2.53 per cent respectively.

Furthermore, the 90 per cent LTV category and the 95 per cent LTV category both also remained unchanged, with the former staying at 2.63 per cent, and the latter at 3.27 per cent.

Moneyfacts finance expert Darren Cook comments: “There has been little activity this week amidst the current uncertainty.

“The banks are taking a wait and see approach due to the economic climate.

“The last time there was significant economic discussions in parliament it resulted in a quieter mortgage market, and it appears as if this is the case again.”

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