Good news for people looking for a mortgage: the last week has seen a number of positive announcements and updates regarding the availability and cost of mortgages.
Availability of low deposit mortgage options has hit a 17-year high according to the latest Moneyfacts UK Mortgage Trends Treasury Report.
According to the data, a total of 1287 deals are available at 90% and 95% loan to value (LTV) with 442 mortgages at 95% LTV – the most choice since March 2008, when there were 575 options. At 90% LTV, there are 845 deals, again the highest total since March 2008, when there were 957 products.
Product choice overall rose month-on-month, to 6,870 options, which is up year-on-year (6,307 – April 2024) and are at their highest number since October 2007 (7,421).
Santander and HSBC were among major lenders to announce significant rate cuts yesterday (Tuesday 15th April), with some deals now starting from below 4%,
Santander’s two- and three-year fixed rates for residential home purchase for buyers with at 60% loan to value (LTV) have fallen to 3.97% and 3.99% respectively, both with a £999 fee. This follows Barclays and Coventry BS reducing their rates last week.
Halifax meanwhile have overhauled its affordability criteria following on from Santander doing the same at the end of March.
If you are looking to discuss your options then please contact us and we will be delighted to put you in touch with an independent advisor who can help and advise you.
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