The latest figures – as of 1st July 2015 – show that following an 11% rate reduction over the past three months, the lowest rate two year fixed product with a 60% LTV now stands at 1.05% - down from 1.18% in April 2015.
Mortgage Brain’s data also shows that the same product with a 90% LTV (which now stands at 2.48%) saw a rate reduction of 8% - down from 2.69% in April.
Three year fixed rate products saw similar reductions over the past quarter with the lowest rate 80% LTV product down 35% from 2.29% to1.49% and the lowest rate 60% LTV product down (12%) from 1.78% in April to 1.57% as of 1st July.
The biggest rate drop for trackers was seen in the lowest rate five year product with an 80% LTV, which dropped 29% - down from 3.65% to 2.59%.
The lowest rate two year tracker with a 60% LTV, despite dropping by just 1% over the past three months, now offers the best overall rate available at 0.98%.
Mark Lofthouse, CEO of Mortgage Brain, commented:
“Our latest data is showing some substantial rate drops over the past three months, with many products now offering extremely low interest rates.
“Historically, products with a 90% LTV ratio led the field in terms of rate drops; however, our current data is showing that products with a 60% LTV are starting to take the charge with big rate reductions across the board over the past three months.”
