Typical fixed rate mortgages fell by 0.59% over the past 12 months to 2.66%, Halifax research has found.
Typical fixed rate mortgages fell by 0.59% over the past 12 months to 2.66%, Halifax research has found.
Variable rates stayed flat over the same period at 4.49% – with the gap between the two widening by 1.81% since August 2012.
Craig McKinlay, mortgages director at Halifax, said: "With base rate remaining at record low levels for another year, fixed rate mortgages fell further in 2015. Over the past three years average rates have fallen sharply, significantly widening the gap between them and standard variable rates. As a result, borrowers have been able to make considerable savings.”
Halifax also found that remortgaging remains significantly below the peaks it reached in 2008 when it made up 50% of the market.
The remortgage market's share of new lending stood at 32% as of November 2015, rising from 29% in August 2012.
