Interest rates on mortgages have hit record lows, but
borrowers are being slapped with higher fees as banks look to protect their
profit margins, data from Moneyfacts.co.uk suggests. The average interest rate
on a two-year fixed mortgage fell to 2.52pc in February, down from 3.14pc a
year earlier and the lowest level since Moneyfacts.co.uk, which compiled the
data, began monitoring the sector in 2007. It comes after Bank of England
Governor Mark Carney indicated that interest rates are going to stay lower for
longer than expected, with a rate rise now forecast for 2017 at the earliest.
Read more on the Daily Telegraph website.
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