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Cost of home loans tumbles to record low

Homeowners are currently enjoying the cheapest mortgage rates on record, official figures have revealed.

A bid to drum up business has seen a fierce rate war break out between some of Britains biggest lenders.

Although the rising cost of groceries and energy has seen inflation rise to its highest level since September 2013, mortgage rates are at rock bottom.

Experts said the collapse of the buy-to-let market after tax hikes on second properties – introduced last April by former chancellor George Osborne – has made lenders increasingly desperate for new business.

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