27 August 2021
Some landmark rates have emerged in the mortgage market recently, creating a competitive market which is ripe for borrowers keen to make savings. Greg Cunnington of Alexander Hall explains how you can take advantage of the buoyant market and tap into the best deals.
The full stamp duty holiday may have come to an end but the property market remains busy. A combination of the improving economic outlook, an abundance of mortgages, attractive rates and improving criteria (conditions borrowers must meet to be approved for a mortgage) means things are still looking good out there.
Indeed, mortgage lenders have been lowering rates – encouraged by the competition – as they attempt to capitalise on these fertile market conditions.
Low mortgage rates
In the last couple of months there has been a flurry of lower mortgage rates available onto the market, as lenders take advantage of this buoyant property and mortgage market. And there are some very competitive deals.
Some of the recent mortgage rate milestones include:
- The lowest ever two-year fixed rate at 0.83%
- The first ever sub-1% five-year fixed rate mortgages
- The first ever sub-1% Help to Buy mortgage rates
- The first sub-3% fixed rate for buyers with a 5% deposit since before the pandemic
- The highest number of mortgage products on the market since before the pandemic
For a lot of the best buy mortgage rates a 25% or 40% deposit/equity is required. So you should ensure you are speaking to a mortgage intermediary so we can sense check which products are the best option for your referrals.