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
The Equity Release Council has revealed that three in five UK homeowners are interested in releasing money from their property later in life.
Prices for UK houses drop in July 2024
11 days ago
The average seller’s asking price dropped by 0.4% in July, a bigger drop than we have typically seen.
We explore the differences between Millennials and Gen Z and what both generations ideally want from a new home.
Overpaying mortgage vs money into savings
18 Jun 2024
Should you overpay your mortgage? If you can put extra cash away you need to seriously consider whether you should pay more off on your mortgage or put it into a savings account.
Buying a property, especially in the current climate, is a big decision for first time buyers. We have listed a few tips that can help you buy your first propertyy
Does the time of year make a difference in house purchases? The answer is, yes and no.
The popularity of buying a house can vary depending on various factors such as regional trends, how the economy looks, and of course personal circumstances.
6 Garden Tips to Add Value to Your Property
30 Apr 2024
If you are looking at putting your house on the market, you may want to consider giving your garden some TLC. Small changes can make your outside space a lot more attractive to potential buyers resulting in a faster sale.
Averages for a first time buyer in the UK
24 Apr 2024
Getting on the property ladder is a big milestone in life, and is not something to take lightly. There are several things to take into consideration such as saving up for a deposit, finding your dream home, and finding the best mortgage product to suit you. Here we look at UK first time buyer statistics.
More information
Trusted by
