2-year rates still rock bottom
The lowest 2-year fix has fallen from 1.18% in April to 1.05% in July, while 90% LTV 2-year fixes also fell from 2.48% to 2.69%.
Recent reports have suggested that banks and building societies will start raising mortgage rates soon which will lead to a rush from borrowers to lock onto fresh fixed rate deals.
Mark Lofthouse, chief executive of Mortgage Brain, said: “Our latest data is showing some substantial rate drops over the past three months, with many products now offering extremely low interest rates.
“Historically, products with a 90% LTV ratio led the field in terms of rate drops; however, our current data is showing that products with a 60% LTV are starting to take the charge with big rate reductions across the board over the past three months.”
The buy-to-let market showed little movement in the last three months, with the cheapest 60%, 70% and 80% LTV products holding steady at around 3.29%, 3.69% and 4.45%, Mortgage Brain’s research stated.