Cost of mortgages falls again

Mortgage Introducer

October 18, 2016

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The cost of mortgages has fallen once again, Mortgage Brain data shows.

Average 3-year fixed rates to 60% loan-to-value are 5% cheaper than three months ago at 1.89% and 90% LTV 3-year fixes are 4% cheaper at 2.94%.

The cost of both 2-year fixes to 90% LTV and 2-year trackers to 60% LTV have also fallen by 3%.

CML: Mortgage lending falls to £20.5bn in September

Mark Lofthouse, chief executive of Mortgage Brain, said: “There’s no doubt that the last six months have been an uncertain time in the UK economy. The pre-Brexit uncertainty, which many thought would end after the vote, has merely been replaced by post-Brexit uncertainty.

“Ironically, this means the outlook for borrowers at the moment has never been better with mortgage costs coming down yet again.

“The post-Brexit uncertainty is likely to continue for some time though and the knowledge and advice that brokers have and can give – especially when it comes to current options for short or long term tie-ins – has never been more important.”