Mortgage rates have dropped for a third month in a row. What does it mean for borrowers?

We read with interest this morning the latest data from Moneyfacts, the self-styled money comparison experts. They’ve found (or really that should be confirmed, because you’d have to have been on a long round trip to the moon to not know) that average mortgage rates have been plummeting with all the speed of, well, a rocket returning to earth. Average rates have now dropped for the third month in a row. It’s a hat trick the crown prince of Portugal and returning hero of Manchester would be proud of.

The ever-free-falling rates undoubtedly present opportunities for borrowers to lock into some of the best deals we’ve ever seen. And we’ve been around for longer than we care to confirm (or deny). The phrase “there’s never been a better time" is grossly overused these days but, at least in the world of mortgages, its current use is wholly justified.

Those borrowers with a 10% deposit are benefitting from the biggest price drops, with the average two-year deal in the 90% loan to value (LTV) tier falling 0.23% in the last month alone. And if you’re one of those lucky borrowers with significant equity in your property or a sizeable deposit you can take advantage of rates that start with a lovely and incredibly appealing 0.

But, of course, the devil is always in the detail. What’s right for you might not be the cheapest deal on the market. There’s lots to weigh up. Fees, availability, and suitability to a lender’s lending criteria are chief amongst these.

You would no doubt expect us to say this, but this is where we come in. We’ll search the whole market to find a mortgage that fits you like the proverbial glove. We know which products you can access, which lenders will look favourably on your application and, crucially, what lender service levels are like. Because, with some of them, they’re about as appealing as two pokes in the eye.

So, if you think you’re in a position to take advantage of the rate bonanza, why not give us a call to see what’s what. If we can help you get a better rate or indeed start your mortgage owning journey in the best possible place nothing would give us greater pleasure.