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Mortgage Strategy - Rate war slices 1.5% off cheapest 5-year fix in a year

Aaron Strutt Image

The ongoing rate war has seen the cheapest five-year fixed rates fall by as much as 150 basis points over the past year.

Mortgage Brain, a mortgage technology firm, says the cheapest five-year fixed rate to 90 per cent LTV fell by over a third from 4.29 per cent on 2 May 2014 to 2.79 per cent on 1 May this year. Based on a mortgage of £150,000, that represents an annual saving of £2,250.

Trinity Financial products and communications manager Aaron Strutt says: “When you can take a five-year fix at around 2 per cent, they are going to be incredibly popular and lenders have access to cheap funding at the moment.”

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