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TODAY'S OTHER NEWS

Mortgage costs fall by £1,000 a year

Mortgage rates continue to fall with the majority of residential and buy-to-let rates coming down in cost over the past three months.

The cost reductions in some cases equate to an annual saving of more than £1,000 on a £150,000 mortgage.

Latest quarterly product data analysis from UKMortgages shows that a five-year tracker to 90% LTV is 10% cheaper today than at the start of the year.

This type of deal has fallen faster than any other mortgage and is now available with a rate of 2.65%.

The figures also show that a two-year fixed-rate buy-to-let purchase mortgage to 80% LTV is 5% cheaper. 

The cheapest five-year fixed rates to 60% and 90% LTV, and the cheapest two-year tracker to 60% LTV, all cost 1% less than three months ago.

The lowest rate five-year tracker with a 60% LTV now charges 1.99%, which is 12% less than 12 months ago, saving £1,098 a year on a £150,000 mortgage.  

Mark Lofthouse, chief executive of UKMortgages, said: “Our latest data will be further welcome news to potential homebuyers or those looking to re-mortgage.

“Our three, six, and 12 month, analysis of the most popular mainstream and buy-to-let mortgages shows considerable rate and cost reductions which means that borrowers looking to take out a mortgage today can benefit from lower monthly repayments.”

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