The majority of mainstream and buy-to-let (BTL) mortgages have come down in cost over the past three months, according to Mortgage Brain’s quarterly product data analysis.
The lowest rate 90 per cent loan-to-value (LTV) five-year tracker performed the best since the start of the year, with a 10 per cent reduction in cost since January and now available with a rate of 2.65 per cent as of 1 April 2016.
By comparison, the cost of the lowest rate 90 per cent five-year fixed (60 and 90 per cent LTV), and the lowest rate two-year tracker (60 per cent LTV), all cost 1 per cent less than they did three months ago.
This 10 per cent cost reduction for the five-year tracker equates to a potential £972 annualised saving on a £150,000 mortgage, when compared to this time last year.
While only seeing a 1 per cent drop over the past three months, the reduction in cost for the lowest rate 90 per cent LTV five-year fix equates to a potential £126 annualised saving over the past quarter, or £648 per annum, when compared to last April.
The lowest rate five-year tracker with a 60 per cent LTV (1.99 per cent), while seeing no change in cost over the past three months, is 12 per cent less than it was 12 months ago, equating to a potential £1,098 annualised saving on a £150,000 mortgage.
