Mortgage rates hit record low

The cheapest mortgages on record are currently on offer as rates tumble during the COVID-19 crisis. Although the property market has been frozen by the lockdown, analysis from Moneyfacts shows there has never been a better time to re-mortgage. The average rate on a two-year fixed-rate deal has fallen to 2.09% from 2.43% on March 20. This was the day after the Bank of England slashed official borrowing rates to a record low and just three days before the lockdown was introduced. However, the number of mortgage products on the market has more than halved since lockdown. There were 5,222 in early March and just 2,566 at the start of May. The number available to those with a 5% or 10% deposit has dropped by 770, leaving just 72 deals available.

Daily Mail (11/05/2020)   Daily Mirror (11/05/2020)