According to Rightmove, the lowest two-year fixed rate is priced at around 3.94%.
The company’s report found that the average five-year fixed mortgage rate is 4.58%, down from 5.53% a year ago. The cheapest rate is 3.7%.
At 60% loan to value (LTV), the average two-year fixed rate is 4.15%, with the lowest rate coming to 3.94%. The average five-year fixed rate is 3.87% and the cheapest rate stands at 3.7%.
Going up to 75% LTV, the average two-year fixed rate is priced at 4.37%, while the average five-year fixed rate comes to 4.37%. The bottom-most rates are pegged at 4.14% and 3.89% respectively.
At 85% LTV, the average two-year fixed rate is 4.94% and the five-year fixed rate comes to 4.61%. The cheapest rates are priced at 4.49% and 4.12% respectively.
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At 90% LTV, the average two-year fixed rate is 5.4% and the bottom-most rate is 5.04%. For a five-year fixed rate, the average price is 4.88% and the lowest rate is 4.49%.
The cheapest rates for a two-year fixed rate and five-year fixed rate are 6.34% and 5.72%.
At 95% LTV, the average two-year fixed rate is 5.58% and the average five-year fixed rate is 5.21%. The lowest rates are 5.29% and 4.99% respectively.
The average monthly mortgage payment on a typical first-time buyer type of property when taking out an average five-year fixed 85% LTV mortgage is now £1,087 per month, down from £1,187 per month a year ago.
