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Fixed rate mortgages are to hit a new low with the launch of a 0.95 per cent two-year fix. The deal from Platform, the broker-only subsidiary of the Co-operative Bank, will be available to borrowers with 40 per cent deposit or equity and has a £1,499 fee.

Aaron Strutt from the mortgage broker Trinity Financial said: “It really is a sign that lenders are squeezing their margins as much as possible to gain market share.”

Larger mortgage loans are cheaper too

Banks and building societies are offering high-earning buyers “mega-loans” at rock-bottom interest rates as they try to cash in on the booming property market.

Last year 4,454 mortgages worth £1 million or more were approved, according to the industry body UK Finance — up 15 per cent from 3,884 in 2019.

Aaron Strutt from the mortgage broker Trinity Financial told The Times: “There was a time when lenders capped their maximum loans at £1 million, but those days are long gone. The biggest banks and even the smallest building societies are targeting wealthier borrowers with super-cheap rates on large loans and low set-up fees.”

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