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Fixed-rate mortgage shoppers are spoiled for choice

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Mortgage choices for borrowers who want to guarantee their monthly repayments are at a record high, it has been revealed.



The latest analysis of the mortgage market shows the number of fixed-rate mortgages available has soared by more than 600 since this time last year.


These deals, which charge borrowers a fixed rate of interest each month regardless of any changes to the Bank of England’s base rate, have become increasingly popular recently.


For many, the attraction to fixed deals will be an attempt to shelter from future interest rate rises but some experts suggest these rates provide a way to protect repayments from the uncertainty of Brexit.


Now lenders are meeting this demand and offering a much broader range of products to borrowers at all levels – from those taking out lower rate mortgages at 60% of their property’s value, right up those with small deposits who need 90% loans.

Loans for borrowers with a 5% deposit


In fact, there has been a particularly dramatic increase in numbers of mortgages available for people with thesesmall deposits according to Moneyfacts.co.uk, which carried out the research. It said, ten years ago, borrowers with small deposits only had three products from which to choose. But now things are very different.


Darren Cook, finance expert at Moneyfacts.co.uk, explained: “In February 2009, when the ramifications of the financial crisis were still being assessed, borrowers only had three products to choose from if they could only muster a 5% deposit.


“The mortgage lending environment has changed considerably since the Financial Conduct Authority introduced its clear affordability guidelines and today, a borrower seeking a 95% LTV mortgage has instead a total 325 mortgage products to choose from.”


Moneyfacts said the number of total fixed-rate mortgages available at most levels were at their highest level since its records began in July 2007.


Article by Kate Saines for www.whatmortgage.co.uk


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