Data from Moneyfacts shows that the average two-year fixed rate mortgage came in at 2.52 per cent as of 7 September.
This continues a downward trend that started from 18 August, when the average two-year fix stood at 2.55 per cent, the highest level since July 2016. However, the average rate is still some way off from its lowest point in the 52-week range: 2.17 per cent, witnessed on 25 September last year.
Moneyfacts financial expert Charlotte Nelson comments: “Because of the recent base rate rise, many people on SVRs are seeing their monthly repayments going up and are therefore more likely to be looking reconsidering their options.
“Providers have either kept rates at the same level or started competing to attract these customers… furthermore, we’re seeing revamps across all sorts of products, including high LTV mortgages.”