Average rate of 2 year 90% LTV mortgage hits record low.
The average rate for a 2 year fixed rate mortgage for 90% loan to value has now reached an unprecedented low level of 2.63%.
With well over 250 available deals on the market, the choice has never been greater either.
While 100% mortgages are no longer the norm, higher loan to value products have become more readily available with the 90% bracket proving to be the most popular.
One reason for this could be that the average rate of a 95% LTV 2 year fix is much higher at 4.16%. As this represents a difference of more than 1.5% when compared to the 90% LTV offers, borrowers may well have felt encouraged to save a bigger deposit to secure a much better mortgage rate.
Although the rate is an important factor when choosing a mortgage, it is not the only factor that you should be considering. Other benefits may also be included could be cashback or free legal and/or valuation services, for example, all of which make a difference to the overall cost of the loan.
Working out which one would suit your requirements better can be difficult and if you don’t opt to compare all your options fully with professional assistance, you could end up with a less favourable deal.
With our expert help, Deal Direct can take all the confusion out of searching for and securing the right 90% LTV mortgage option for you.
For expert mortgage advice, consult with Deal Direct on 0800 048 8828.
