"We’ve chosen a few indicative groups which we report on each week, showing how rates have been affected over the week, the month and, in due course, the longer term."
Twenty7tec is releasing a new weekly update on best rate and average top five rates for indicative housebuyers in the UK.
The married couple
A married couple, aged 42 and 44 with 2 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 a week ago. The average of the top five products is £3059.82 - up 0.6% on a week ago (£3042.11).
Five-year fixed rate: Best price of £2904.07 - the same as a week ago (£2904.07). The average of the top five products is £2953.04 - up 0.9% on a week ago (£2926.77).
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 each.
The best initial rate is a two-year fixed at £3899.49 which is the same cost as last week but up 2.2% on the best price a fortnight ago.
The average of the top five initial rates is £3957.74, up 0.7% on last week’s average of £3930.65.
Remortgage
The best initial rate is a two-year fixed at £3799.46 which is up 1.2% on last week (£3753.71).
The average of the top five initial rates is £3838.88, up 0.6% on last week’s average of £3815.38.
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 £2680.81 which has remained the best deal for the past two weeks. The next best deal is a two-year fixed at £3,465.88
The average of the top five initial rates is £2798.00, up 0.5% on last week’s average of £2784.95.
James Tucker, CEO and founder of Twenty7tec, commented: “A lot of the rates published are notional. We’re keen to make things clearer so that people can rely on the underlying data. We’ve chosen a few indicative groups which we report on each week, showing how rates have been affected over the week, the month and, in due course, the longer term.
“Ever since we set up the business, we have believed that people make better decisions when they have better financial information at their fingertips. That goes for advisers, housebuyers and the lenders themselves.
“Some of the top rates aren’t going to be available to everyone, of course, which is why we’ll also report on the top five averages. We’ll report on a range of purchase, buy-to-let, first-time buyers and other scenarios.
“We have created a few groups to follow, and we’re keen to add to them over time. We’re open to suggestions as to what we should report on and will make our weekly report open and public each week. We hope that you find it useful.”
