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Fixed rates at record low levels


Official support for cheap mortgages has been scaled back as the Treasury and Bank of England announced the Funding for Lending scheme will stop providing new cheap funding triggered by extra mortgage lending from January 2014.


The Bank’s scheme has driven mortgage rates to record lows - while decimating returns on savings.


The move to stop extra funding being taken out marks a potential beginning of the end for pumping cheap cash to consumers and could see mortgage rates begin to rise.

Funding for Lending pumps cheap cash through banks and building societies to borrowers and has driven two-year fixed mortgage rates below 1.5 per cent and five-year fixed rates to 2.5 per cent.


But borrowers have no need to panic


This move has been made as the mortgage market is firmly back on the up.


Lenders are competing for business, mortgages are easier to get and rates remain near rock bottom


In short, this is the best time to be looking for a mortgage since the credit crunch hit and Northern Rock collapsed six years ago.


By Simon Lambert

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Mortgage Tree offers a nationwide mortgage broking service from our base near York, North Yorkshire. We specialise in mortgages and insurance. Whether you are a first time buyer or you are a buy to let investor with multiple properties, Mortgage Tree will ensure that you get the best products available.

We are a Whole Of Market broker which means that we will choose the best, most suitable mortgage for you from the hundreds available on the UK mortgage market. Our network also gets special discounted deals from lenders available only to our network.

We also provide insurance cover that will give you & your loved ones a blanket of protection that is so vital. We will endeavour to give you the best service that we can at all times.

Mortgage Tree is an appointed representative of Julian Harris Mortgages ltd which is authorised and regulated by the Financial Conduct Authority. Our FCA no. 304155

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