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Low deposit mortgage deals hit 17-year high
The number of low deposit mortgage deals on the market has hit their highest level since the global financial crisis, according to new figures from Moneyfacts.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
Thomas ParkerSenior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
Availability of deals with a loan-to-value (LTV) of 95% rose to 442, while those with an LTV of 90% hit 845 – both metrics being at their highest point since March 2008.
Additionally, product choice rose month-on-month to 6,870 – an increase of more than 500 year-on-year, reaching their highest levels since October 2007.
However, average mortgage rates on overall two- and five-year fixed rates fell, albeit marginally, by 0.07% and 0.13% to 5.32% and 5.18% respectively. These decreases were smaller than the 0.13% and 0.10% recorded between February and March.
Alongside this, the average shelf-life of a mortgage product rose from 16 days to 21 days month-on-month.
Overall, since the start of April 2024, the average five-year fixed rate was 5.39%, while the average two-year fixed rate has fallen by 0.48% over the period – down from 5.80% to 5.32%.
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