The average two-year fixed rate has risen by one basis point from last week, according to data collected by Moneyfacts.

The current rate stands at 2.48 per cent, three basis points lower than the rate recorded a year ago.

Moneyfacts says rates within the 65 per cent LTV category, and the 75 per cent LTV category have both increased, with the average in the former rising from 2 per cent to 2.01 per cent, and the latter from 2.32 per cent to 2.34 per cent.

In addition, rates within the 80 per cent LTV category and the 85 per cent LTV category have risen from 2.44 per cent to 2.45 per cent, and from 2.46 per cent to 2.47 per cent, respectively.

Meanwhile, average rates in the 60 per cent LTV category, 70 per cent LTV category, 90 per cent LTV category, and the 95 per cent LTV category have remained unchanged.

Moneyfacts finance expert Rachel Springall comments: “While the changes are incremental, there has been a spate of activity following last week.

“With Brexit pushed back to October, it would seem as if people are getting back into the usual spring trend of activity.”

Source: By Jake Carter