Rates for first-time buyers at record low

Banks are currently offering the lowest mortgage rates since records began, thanks to competition among lenders, making it easier for first-time buyers to get on the property ladder. According to the latest Bank of England figures, two-year mortgages now come with an average interest rate of 3.33%, down from 4.02% a year ago, while for five-year mortgages, the average rate was 3.89% at the end of October, compared with 4.71% in the same month the previous year.

The Daily Telegraph (04/12/2018)