The most recent analysis from Mortgage Brain has revealed that the cost of mainstream mortgages continues to show signs of stability.
According to the report, there has been little movement in the market during the last three months.
Mortgages
Data shows that the cost of the lowest rate five year fixed mortgage (2.55%) fell by just 1% since January. In addition, the cost of a 60% LTV two-year fixed rate is only 1% than at the beginning of the year.
A 90% LTV two and three year fixed and a 60% LTV fix are only 0.2% cheaper than they were three months previously.
In comparison, a 60% LTV two, three and five-year tracker have all remained static.
Despite the short-term analysis showing little movement, the most recent product data analysis from Mortgage Brain shows year-on-year reductions in the overall cost of mainstream mortgages.
Is the mortgage market showing signs of stability?
The lowest 90% fixed rate now costs 5% less than it did at this time last year, while 60% LTVs costs 4% less than in April 2016.
Mark Lofthouse, CEO of Mortgage Brain, noted: ‘Our latest product data analysis shows that there’s little to get excited about in terms of rate and cost movement over the past three months. Following the long period of record lows, however, our short terms analysis can be seen as another sign that were moving towards a period of cost and rate stability, or even potential rises.’[1]
[1] http://www.propertyreporter.co.uk/finance/has-stability-arrived-in-the-mortgage-market.html