Mortgage lenders serve up cheapest deals in 23 years | Money | The Guardian

Mortgage lenders serve up cheapest deals in 23 years | Money | The Guardian

Mortgage rates have fallen to their lowest level in 23 years, it was claimed this week. Financial data provider Moneyfacts says new fixed-rate and tracker deals are the cheapest they have been since it started to record rates in 1988.

But many would say that, all too often, these great deals are only available to those who can stump up large deposits – 40% or more – which puts them way out of reach of most first-time buyers. And some borrowers are also falling foul of lenders' tough credit scoring systems.

Moneyfacts says the average new two-year fixed-rate mortgage is now at 4.32%, while the average five-year fix is at 5.29%, and a typical two-year base rate tracker is charging 3.37%.