The lowest rate 90% LTV five year tracker performed the best since the start of the year, witnessing a 10% reduction in cost since January 2016 and now available with a rate of 2.65%.
In financial terms, the 10% cost reduction equates to a potential £972 annualised saving on a £150k mortgage when compared to this time last year.
By comparison, the cost of the lowest rate 90% five year fixed (60% and 90% LTV), and the lowest rate two year tracker (60% LTV), all cost 1% less than they did three months ago.
This reduction equates to a potential £126 annualised saving over the past quarter, or £648pa when compared to April 2015.
The lowest rate five year Tracker with a 60% LTV (1.99%), whilst seeing no change in cost over the past three months, is still 12% less than it was 12 months ago and equates to potential £1,098 annualised saving on a £150k mortgage.
Mark Lofthouse, CEO of Mortgage Brain, commented:
“Our latest data, coupled with recent predictions that possible base rate rises are not likely until 2017, or even 2018, will be further welcome news to a lot of today’s potential homebuyers or those looking to re-mortgage.
“Our three, six, and 12 month, analysis of the most popular mainstream and Buy-To-Let mortgages shows considerable rate and cost reductions which means that borrowers looking to take out a mortgage today can benefit from lower monthly repayments.”
