Fixed-rate mortgages

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ACTIVITY on the fixed-rate mortgages front has slowed as borrowers and lenders hold back in the expectation of lower rates.

There are few five-year fixes around as lenders have shifted to four or four-and-a-half year deals to keep the rates low.

Chase de Vere withdrew its 6.85 per cent five-year fix on Friday, and replaced it with a four-and-a-half year fix at 6.99 per cent from a French bank.

The Alliance & Leicester Building Society's five-year fix is at 7.19 per cent.

Britannia Building Society has a fix at 6.99 per cent until the end of March 1999 for loans up to 60 per cent of the property value.

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