Mortgage rates went lower across the LTV tiers in July – Bank of England

Mortgage rates went lower across the LTV tiers in July – Bank of England

 

The biggest monthly reduction was on a two-year fixed at 90 per cent LTV, with the average quoted rate down 33 basis points (bps) to 2.76 per cent.

 The cut was 24 bps, to 3.53 per cent, for a two-year fixed at 95 per cent LTV.

At 85 per cent LTV, the two-year fixed rate was down by 22 bps to 2.15 per cent, and at 75 per cent LTV the reduction was 10 bps to 1.3 per cent.

Rates on two year-fixes at 60 per cent LTV held steady month-on-month at a nine-year low of 1.19 per cent.

For buy-to-let mortgages, the average two-year fixed rate, at 75 per cent LTV, was cut by 12 bps to 1.84 per cent.

 

Three, five and 10 years

The only increase was on the 10-year fixed rate at 75 per cent LTV, which rose by a single basis point to 2.6 per cent on average.

On five-year fixed deals, the reduction was 13 bps, to 3.76 per cent at 95 per cent LTV, and to 1.48 per cent at 75 per cent LTV.

The average three-year fixed rate, at 75 per cent LTV, also saw a 13 bps reduction, to 1.52 per cent.

 

Variable rates

Two-year variable rates were down 3 bps to 3.65 per cent at 95 per cent LTV, and by 12 bps to 2.67 per cent at 90 per cent LTV.

The two-year variable at 75 per cent LTV was cut by 7 bps to 1.83 per cent.

The average reversion rate held steady month-on-month at 3.61 per cent.