Fixed rate mortgages fell in all the main categories in 2019. Data from Mortgage Brain reveals. While the drops weren’t massive, they followed the trend of the last several years meaning borrowers can now make substantial savings compared to 5 years ago.
Lower Loan to Value products experienced the biggest drop of slightly over 5%, whereas LTVs of 80% or higher only dropped around 3%. While this alone does not sound like much when looked at over the last five years mortgage rates are over 17% cheaper than they were in January 2015.
The data, explained by Mark Lofthouse , Chief Executive of Mortgage Brain, shows that compared to five years ago customers could make annual savings of over £1,000 for five or two-year fixed rates. While the last 3 months didn’t show any significant movements the trend is still headed downwards.
For mortgage customers 2020 could represent an ideal time to get on the property ladder, not only are mortgage costs at historic lows, they are still decreasing across the board. Forecasters see no immediate sign of this changing leading many lenders and advisers to predict a busy year ahead!