Overall, market conditions continue to deteriorate and mortgage products are subject to regular review and withdrawal. Between February and March, more than 20% of mortgage products were withdrawn from the market. To put this in context, the number of available mortgage products today are approximately 2,800 compared with 3,500 in February and more than 20,000 this time last year!
Mortgage Brain, one of the mortgage industries largest product sourcing systems recently commented that, for the first time in three months, fixed rate mortgage schemes had suffered the biggest fall (20%) followed closely by variable rate mortgages (18%) and base rate trackers at 15%.
That said, even though product offerings are on the decline, the actual rates available are extremely attractive. There is no surer bet that, despite the Bank of England Base rate being at its lowest ever, rates will increase. As a result, fixed rate mortgages should and will be in great demand.
One lender recently launched a 10 year fixed rate mortgage with an interest rate of just 4.75%. This really is a superb rate and is available to anyone looking to borrow up to 60% of the property value for either a purchase or remortgage.
For those with a smaller deposit, competitive rate examples include:
- Up to 75% LTV, 3.49% fixed for 2 years, subject to terms and conditions
- Up to 90% LTV, 5.50 fixed for 3 years, subject to terms and conditions
There are also many lenders offering attractive remortgage fixed rates to existing clients. These are known as retention rates and a specialist company like AToM can advise you on these as most are not publicly advertised by the lenders!
Please visit www.atomltd.co.uk where you can now view all major rates in the market and apply or enquire online.
Whether you are looking to remortgage or purchase, with rates so low and potentially tenuous, please don’t delay and possibly regret it later….
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