A mortgage price war has seen rates hit record lows as banks desperately try to kick-start Britain’s housing market.
Rates on five-year and ten-year fixes have plunged to the lowest ever level in the past week.
Yesterday, Chelsea BS launched a five-year fixed-rate mortgage at 3.19 per cent — the lowest since records began. Borrowers need 30 per cent equity and will need to pay a £1,495 fee.

Price war: Rates on five-year and ten-year fixes have plunged to the lowest ever level in the past week