Average mortgage rates fall in high LTV market

Louise Holmes, spokesperson for Moneyfacts.co.uk, said: "Substantial rate reductions in the higher loan-to-value market will be encouraging news for borrowers.

"The availability of higher loan-to-value mortgage products has increased over the past couple of years. Lenders have begun to launch more competitive products to borrowers who, during the height of the credit crisis, had pretty much given up on the prospect of owning their own property.

"Interest rates are predicted to stay at the historical low of 0.50% for the foreseeable future. Borrowers would be wise, however, to take advantage of low fixed mortgage ratess while they can as lenders will increase product rates once interest rates begin to rise."

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