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Sub-1% mortgage choice rises 400 per cent

Written by: Samantha Partington
If you have a substantial deposit to put down, there are many mortgages on offer with a super low interest rate
Sub-1% mortgage choice rises 400 per cent

Mortgage borrowers with a 40 per cent deposit now have the choice of 50 sub-one per cent deals, a rise of 400 per cent in four months.

Analysis of mortgage rates by MoneySuperMarket shows that at the start of June, 10 mortgage interest rates of one per cent or less were available to homeowners which has climbed to 50 by the end of the September. In April there were none.

Some 16 products with rates below one per cent are available for first-time buyers and home movers with a further 18 open to remortgage borrowers.

Jo Thornhill, money expert at MoneySuperMarket, said: “Our insights reveal that now is a historically good time to be on the look out for a new mortgage deal. Just six months ago, securing a mortgage rate of 1.5 per cent to two per cent would have been viewed as a real success but the past four months have seen borrowing get even cheaper, with the availability of deals with rates lower than one per cent quadrupling.”

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