One adviser described it as “irresponsible scaremongering” and said there is no such thing as an average rate as each case can differ so much.
Switch Mortgage Finance director, Elliott Culley said “average” is the key word.
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“If customers have a good credit score, there are two-year fixed rates below 6 per cent. However, this is in stark contrast to just two to three weeks ago when you could get a two-year fixed rate under 5 per cent. We were even talking about when they might break under 4 per cent a few months ago,” Culley said.
He added: “It shows how quickly the mortgage market is changing, and client.”
jane.matthews@ft.com
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