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

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.

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.

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.

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. 

The average age of a first-time buyer in the UK is two years older than 10 years ago. This is understandable with managing the cost-of-living and challenges within the economy such as high interest rates making it difficult to get onto the property ladder.

Skipton Building Society launches ‘Delayed Start’ mortgage meaning first time buyers won’t be required to make repayments for the first three months. 

According to a survey by Skipton, first time buyers who bought their home in the last five years found that in the first three months of living there, they were spending upwards of £30,000.

If you have recently moved into a property with a garden that requires a little TLC, or you’d like to get on top of your current green space, check out our tips.