Lenders slice rates on 5-year mortgages as popularity of longer term deals soars…
Lenders slash rates on five-year mortgages to below 1.5% as popularity of longer term deals soars
- There are now more five-year deals at lower LTVs than there are two year fixes
- Five year fixed rates remain low as more borrowers look to lock in for longer
- The cheapest five-year fix currently stands at just 1.39 per cent
Borrowers looking to fix their mortgage for five years have more choice than ever before, research has revealed.
The number of five-year fixes on offer for those with a bigger deposit is now greater than the number of two-year deals, which have traditionally been the most popular mortgage-type, according to experts at Moneyfacts.
Rates have also been pushed to near-record lows as lenders continue to cut prices in the face of increased consumer demand.
The research found that borrowers who can raise a 25 per cent deposit or greater have 610 five-year fixed rate mortgage deals available to choose from, 18 more than the number of two-year fixed rate deals.
Greater competition has forced lenders to cut rates on their…