Since January, we have seen a significant reduction in the amount of mortgage products in the market and many lenders are keeping their best deals for customers with loan-to-value ratios (LTVs) of between 80% to 60% or less.
Significantly, recent events have led the Bank of England to drop the Bank of England’s Base Rate twice in a month to an historic all-time low of 0.1%. This has seen many lenders follow suit. According to Moneyfacts, “the total number of mortgage deals across all LTVs fell by 2,221. Although the number of mortgage deals has fallen significantly during 2020 so far, resulting in less competition overall in the market, the average SVR [Standard Variable Rate] has also fallen and is now 0.42% lower than at the start of the year”.
Despite this generally good news for borrowers, there’s more! The average fixed rate loan (for 2 or 5 years) has dropped on average by 0.5% with the average two year fixed deal now costing about 1.98% and the average five year deal costing 2.31% according to Derin Clarke at moneyfacts. “The average five year fixed rate at 80% LTV has seen the biggest fall and is now 0.37% less than in January”, she said.
The bottom line here is that there has never been a better time for you to secure record low deals when remortgaging your home. Money remains historically ‘cheap’ and with new fixed-rate deals now very low, there’s never been a better time to consider remortgaging your home and saving thousands!
In today’s uncertain times, remortgaging on historically low fixed rate deals might be one thing you can control in this uncertain world. For an initial discussion contact us at Mortgage Required and let’s see what’s best for your circumstances.
Download our Free First Time Buyers Guide
Recent posts
There was a 32% increase last year in 100% loan-to-value (LTV) mortgages which are mortgages that require zero deposit. According to a recent report by chartered accountants and business advisers, Lubbock Fine, the reason behind this is buyers simply struggling to save enough for a deposit.
Average savings by age in the UK
2 days ago
Many people are quite private when it comes to what is in their bank account. In this short blog, we look into what Brits have saved by age group.
Research from buy-to-let lender, Landbay, shows that UK landlords are looking at raising rents ahead of the Renters' Rights Bill which is due to come into force this year.
Data shows landlords could miss out on green mortgages due to expired energy performance certificates.
Buying a house is a big deal, and where you are planning to buy will make a difference financially. In this short blog, we look at the most affordable and most expensive areas and how much you need to be earning to buy in there.
Pros and Cons of Equity Release
20 May 2025
Equity release is a type of mortgage that allows homeowners 55 and over to access money from their property's equity without having to leave their home. This is done by securing a loan against the house which is usually repaid by selling the property when the borrower passes away or has to move into long-term care.
Your House Viewing Checklist
19 May 2025
It’s important to ask questions about the property you are interested in before taking that step to make an offer. A little probing can make all the difference between buying your dream house or something that requires a lot of work.
Half of over 60s predicted to benefit from accessing housing wealth through Equity Release
16 May 2025
There are millions of homeowners over the age of 60 who are likely to release money from their homes to pay for their lifestyle during retirement giving those who are 'asset rich but cash poor' a way to live out their retirement the way they wish.
More information
Trusted by
