Two-year fixed-rate mortgages at their cheapest since 2003.

(From Hull Daily Mail)

The average cost of a two-year fixed-rate mortgage has dropped to its lowest level for almost seven years - but those without big deposits are still missing out.

After more than a year of the base rate being set at a rock bottom 0.5 per cent by the Bank Of England, interest rates on Britain's most barometer mortgage - the two-year fixed-rate deals - have been falling steadily.

The average is now 4.52 per cent, according to financial information specialist Moneyfacts.

That represents the lowest level since September 2003 and is down from 4.93 per cent at the start of the year.

But while rates have been trimmed for …