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.
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