The cost of 2, 3 and 5-year fixed rate mortgages have all dropped in the past 12 months, Mortgage Brain’s latest product data analysis has showed.
At 60% LTV the cost of a 5-year fix is now 5.7% lower than it was this time last year, whilst a 2-year fix is now 4.1% lower.
At 80% LTV 2 and 5-year fixed rate products now cost 3.2% less than they did at the beginning of January 2019.
Mark Lofthouse (pictured), chief executive, Mortgage Brain, said: “Our latest product data analysis shows that while there’s little to get excited about in terms of rate and cost movement over the past three months, the UK mortgage market has seen some big cost reductions over the year and particularly over the last five years.
“With mortgage costs down by up to 17.8% compared to January 2015, there are savings across the board that advisers are able to offer their customers.
“Mortgage costs remain at historic lows and forecasters are predicting that this will continue in to 2020.”