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Written by Conor Shilling

Figures released this month as part of Mortgage Brain’s quarterly product data analysis show a widespread drop in mortgage rates for all main product types over the past six months.
The latest figures – as of 1st April 2015 – show that a 30% rate reduction has been seen for the lowest rate two year Tracker with a 60% LTV, which is down from 1.44% in October 2014 to a current low of 0.99%.
In the Buy-to-Let market little movement was seen over the past six months but on the whole, the movement that did occur was positive, Mortgage Brain reports.
The latest Buy-To-Let data shows that the lowest rate three year Fixed product with an 80% LTV is now 16% lower than it was in October – down from 4.99% to 4.20%. The same product with a 60% LTV saw a 5% rate drop over the same period – falling from 2.95% to 2.79%.
Two year Fixed rate products saw a more subtle drop with the lowest rate 80% LTV product down 5% (4.14% to 3.95%) and the lowest rate 60% LTV product down 2% from 2.34% to 2.29%.
An 11% rate reduction was seen over the past six months for the lowest rate five year Fixed BTL mortgage (60% and 80% LTV) down from 3.69% to 3.29% and 4.99% to 4.45% respectively. 
The lowest rate five year Trackers (60% and 70% LTV) continue their current form of holding a rate of 3.95% - a rate which has remained static for both products for well over 12 months. 
Mark Lofthouse, CEO of Mortgage Brain, commented: “Despite repeated predictions for a rise in base rates in 2015 we’re yet to see any real and comparative increases in mortgage rates over the past three and six months.
“Whether this will be the case in another three months’ time remains to be seen. What is certain, however, is that the continued rate drop will be seen as further welcome news to a lot of today’s potential homebuyers or those looking to re-mortgage.”


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