New data has revealed that the majority of mainstream mortgages have come down in cost over the past three months.
According to Mortgage Brain, the cost of a five-year fixed mortgage for borrowers with a 30% deposit is 2% lower than it was at the beginning of April.
With a current rate of 2.04% (as of 1st July 2017), the 2% reduction in cost equates to an annual saving of £144 over the past three months, or £450 when compared to this time last year on a £150,000 mortgage.
The cost of a 70% LTV two-year tracker and a 70% and 80% LTV three-year fixed mortgage have also come down by 2% over the past quarter and offer borrowers potential annual savings of up to £396.
A slight drop in cost has also been recorded for a two-year fix (60%, 70% and 80% LTV), an 80% LTV two year tracker and a 60% LTV five-year fixed, which are all now 1% lower than they were in April.
Mark Lofthouse, CEO of Mortgage Brain, said: “Although the reductions in costs over the past three months are relatively small, they do follow a period of stability and should be welcome news to a lot of today’s potential homebuyers or those looking to re-mortgage.
“Our longer-term analysis of the most popular mainstream mortgages also shows a strong mix of rate and cost reductions which means that borrowers looking to take out a mortgage today can benefit from lower monthly repayments.”
