"The data indicates a change in products for first-time buyers who are looking to get the best full-term mortgage, with a leap of 2.5%."
The latest data from Twenty7tec has revealed what the best mortgage deals are for various buyer groups compared to last week’s data.
The married couple
A married couple, aged 42 and 44 with two kids buying a £525,000 house. £385,000 mortgage, 15-year term, LTV 73.33%, earnings of £85,000 and £57,000
Two-year fixed rate: The best price is £3022.54 - the same as last week and the week before. The average of the top five products is £3,086.78, up 0.87% compared to a week ago (£3059.82).
Five-year fixed rate: The best price remains at £2904.07, the same as the past two weeks. The average of the top five products £2982.94 - up 1.1% on a week ago (£2953.04).
The London professionals
A married couple, aged 45 and 48 with three kids. £1m house, 500,000 mortgage, 15-year term, LTV 50%, both earn £85,000.
The best initial rate is a two-year fixed rate at £3899.49 which is the same cost as the past two weeks.
The average of the top five initial rates is £3986.16 - up 0.7% on last week’s average of £3957.74.
Remortgage
The best initial rate is a two-year fix at £3799.46 which remains the same as last week but is up 1.2% on the week before (£3753.71).
The average of the top rates is still £3838.88, the same as the week before.
First-time buyers
An unmarried couple, aged 29 and 28, no kids, buying a £525,000 house with a £50,000 deposit from the Bank of Mum and Dad, 25-year term, LTV 90.48%, earnings of £85,000 and £57,000.
The best initial rate is a full-term mortgage at £2749.20, up 2.5% since last week. The next best deal is a two-year fixed rate mortgage at £2754.98 and the next best five-year fixed rate is £2782.64.
The average of the top five initial rates is £2747.30 - down 1.8% since last week's £2798.00.
James Tucker, CEO at Twentytec, said: “The data indicates a change in products for first-time buyers who are looking to get the best full-term mortgage, with a leap of 2.5%. However, for those who are open to any term, there seems to be more flexibility.
“We’re seeing the market remain relatively steady for our other two chosen personas - the London professionals and married couples, but it will be interesting to see what changes in the weeks to come.”
