The analysis monitors the monthly cost per £1,000 borrowed based on a range of fixed and tracker deals across various loan-to-values (LTVs).
And it found that costs have dropped almost across the board over the last three months. Five-year fixed deals at 70 per cent LTV have seen those costs trimmed by 1.79 per cent for example, while two-year fixed rates at the same LTV band have dropped 1.15 per cent.
Only three product bands did not see costs fall over the quarter ‒ two-year fixes at 60 per cent LTV, two-year trackers at 60 per cent LTV and five-year fixes at 80 per cent LTV. In each case, costs were unchanged on the last quarter.
Looking over the last 12 months, the two biggest cost reductions were on five-year fixed rates at 70 per cent and 60 per cent, with costs dropping 4.35 per cent and 4.09 per cent respectively.
Trackers also saw sharp reductions, down by 3.95 per cent for two-year trackers at 70 per cent and 3.41 per cent for two-year deals at 60 per cent LTV.
Mark Lofthouse (pictured), chief executive officer of Mortgage Brain, said: “When viewed over the course of 2019, they show that there has been a continuous reduction in rates resulting in substantial price reductions particularly for five-year fixed rate products.
“With specialist advice and support from brokers, landlords can continue to make the most of the low rates and be confident they are getting the best mortgage to suit their needs.”
