Mortgage market ‘heating up’ but homeowners still face ‘painful’ cost increase despite falling rates

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Britain’s mortgage market is “heating up” but some homeowners still face a painful rise in their monthly costs when deals expire this year, experts have said

Moneyfacts, the financial information service, said the average cost of a two-year deal had fallen from 5.92 per cent to 5.87 per cent – the lowest level for nearly seven years.