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Average two-year fix ticks up: Moneyfacts

Moneyfacts figures show that the average two-year fixed rate mortgage has crept up slightly from last week, coming in at just over 2.51 per cent.

Last week, the average rate stood just under this number after dropping slightly following steady climbs from the recent low of 2.48 per cent seen in early October.

Within the 52-week range, however, the lowest figure was spotted in early January of this year, when borrowers could enjoy an average rate of 2.33 per cent on their two-year mortgage.

Moneyfacts finance expert Rachel Springall comments: “This week we have seen a few changes, from rate reductions to more incentives, such as cashback.

“However, it’s clear to see that things are getting a little tighter – the reductions we are seeing are not as heavy or as ‘rolled-out’ as they have been over the last few years.

“Lenders feel that they need to do what they can to either entice or retain customers during what is traditionally a quiet time of the year.”

Further data provided by Moneyfacts reveals that among a plethora of small rises, the biggest two-year fixed rate reductions over the last seven-day period was carried out by Barclays on 16 November, when the lender cut 0.25 per cent off its 70 per cent LTV product to leave it at 2.74 per cent.

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