Average UK two-year fixed mortgage rate drops below 6% to six-month low

Data shows cost of borrowing still falling from highs of summer, with five-year fix also down

The average cost of a two-year fixed-rate mortgage has fallen below 6% for the first time in almost six months, figures showed on Friday.

In news that will be welcome to homebuyers and remortgagors, data from Moneyfacts showed that the cost of borrowing is still falling from the peaks reached in the summer.