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Six-month Review of the UK Mortgage Market

Housing-Market / Mortgages Jul 25, 2016 - 12:20 PM GMT

By: MoneyFacts

Housing-Market

When looking back at the first half of 2016 it’s clear to see that the mortgage market has had a significant boost, resulting in some of the lowest rates on record. In fact, research from Moneyfacts.co.uk shows that, since the start of this year, average rates across all fixed mortgage terms have fallen; the average two-year fixed rate has seen the biggest reduction, falling by 0.24% since January this year.


Charlotte Nelson, Finance Expert at Moneyfacts.co.uk, said:        

“With competition still fierce in the market it is little surprise that mortgage rates have fallen in the first half of 2016, reaching record lows yet again and currently showing no signs of stopping. Borrowers looking for a new mortgage deal today will be substantially better off than they were six months ago. In fact, anyone considering a five-year fixed rate mortgage today would save themselves £240* a year compared to January.

“Long-term fixed rates have benefited from the recent plummet in SWAP rates, and it isn’t only the more acceptable five-year fixed rates that have fallen. The 10 -year fixed rate sector has seen a boon in the number of products available, increasing from 80 in January to 127 today, and the average rate falling by 0.20% in the same period.

“Borrowers with smaller deposit have not been left out either, with the average two-year fixed rate at 95% loan-to-value (LTV) falling by 0.19% from January 2016 to 4.09% today. However, with the Help to Buy Mortgage Guarantee scheme ending in December this year, it begs the question of how long this can be sustained for.

“While the economy may have faced some uncertainty after the EU referendum one thing is for certain: mortgage competition is currently here to stay, and borrowers sitting on the Standard Variable Rate or coming to the end of their mortgage deal would be wise to consider a fixed rate deal now, when they are still at record lows.”

* Based on the average five-year fixed rate and a £200,000 mortgage over a 25-year term on a repayment only basis.

www.moneyfacts.co.uk - The Money Search Engine

Moneyfacts.co.uk is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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