Now you can choose from a record number of fixed rate deals
The number of fixed rate mortgage products currently on offer is at a record high, according to Moneyfacts.
The financial information provider found that the total number of fixes available at a maximum of 60%, 75%, 85% and 90% of the property’s value is an eye-wayering 5,214 – the highest level since records began in July 2007.
If you have 5% of the property’s value as a deposit you can now choose from 325 fixed rate mortgages, compared to just three 10 years ago.
With 10% upfront an extra 645 deals become available, while borrowers with 20% to put down can decide on a mortgage from an additional 542 fixed rates.
Take your pick
Those with bigger deposits have even more choice, with 707 75% loan-to-value mortgages available on top of those listed above. Those who can stump up 40% of the property’s value can take their pick from 488 fixed rate deals in addition to the products in all of the other tiers.
Darren Cook, finance expert at Moneyfacts, said: “At the 60% LTV tier, the number of products available increased by more than any other tier between January and February this year, rising from 459 to 488. However, the margins at this tier seem to be very narrow.
“Our recent research has already highlighted that competition on fixed mortgage interest rates among providers is rife at higher LTVs, as we have seen the average two-year fixed mortgage rate at maximum 95% LTV fall by 0.54% from 3.95% in August 2018 to 3.41% this month, while the average rate at maximum 60% LTV fell by 0.02% over the same period.
“Product availability is also increasing rapidly at the higher LTV tiers, with the number of products at the 90% and 95% LTV tiers rising by 26 and 27 respectively between January and February this year. This increased choice is more good news for first-time buyers this month, with rates dropping as a result of intense competition at these tiers.”