Published: 28/04/2020Two-year fixed rate mortgage rates are at their lowest average level in more than two years, despite the ongoing coronavirus situation. The average two-year fixed mortgage has fallen by 0.37% compared to April 2019.
For borrowers with 25% equity in their property, you can now get re-mortgage rates as low as 1.34%, which is available via our mortgage advice partners, Broadland Consultants.
If you had a £150,000 repayment mortgage, at a 2.5% interest rate, with 25 years remaining on the term, switching to the above deal would save you IRO £1,008 per year in mortgage payments.
There’s also good news for borrowers with less than 25% equity in their homes…
Lenders had reduced the number of mortgage products available since the coronavirus outbreak put the country on lockdown, with many lenders pulling mortgage deals at higher loan to values (LTV).
However, over the past week many lenders have brought back higher LTV mortgages, with several high street lenders reintroducing lending back up to 85% LTV with competitive interest rates.
If you would like more information about how you could get help reducing your mortgage costs, please get in touch and we will be able to arrange a no obligation meeting with our local mortgage advice partners Broadland Consultants.
Alternatively, you can contact them directly using the details below:
T. 01362 693591
* Mortgage rates subject to status, and products are subject to change Correct as of 28/04/2020. You must maintain payments on debt secured against property or your property could be repossessed. Broadland Consultants Limited is an appointed representative of SANLAM PARTNERSHIPS LIMITED, 07182140, St Bartholomew's House, Lewins Mead, Bristol, England, BS1 2NH which is authorised and regulated by the Financial Conduct Authority. Registered No. 521208. Please note: the FCA does not regulate in relation to the sale and purchase of investment property.