More of the lenders are offering their cheapest ever fixed rates providing borrowers with even more of an incentive to buy a home during the stamp duty holiday.
A selection of the largest banks and building societies are offering sub-1.2% two-year fixes including Leeds Building Society, Virgin Money, Platform, NatWest and Clydesdale Bank.
To qualify for the ultra-low rates, applicants will need a 40% deposit and a clear credit history. The mortgages typically have £999 arrangement fees and often come with a free property valuation.
Aaron Strutt, product director at Trinity Financial, says: “If you are looking for a cheap two or five-year fixed rate you there are lots of options providing your income has not been drastically hit by the coronavirus. If you are looking for longer-term security, the best five-year fixes are as low as 1.39%.
“We are getting a lot of new enquiries from borrowers keen to secure fast mortgages offers often using five-times their single of joint salaries, while other buyers have complex income structures or they are looking for £750,000+ mortgages.”
You do not need to have a large deposit to qualify for a cheap rate as the lenders have also lowered the price of their mortgages, providing you have a 15% deposit.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation