Guest Post: Fingerprint Financial Services


Its great to connect with other businesses that have a similar mind set to ours. Here we have an important and helpful update from Fingerprint Financial Services that we have worked very closely with for many years and they have assisted so many of our clients to secure the right deal. They have such an amazing team there and are able to deal with anything that you would need help with. Let me know if you want someone to contact you and have a chat about what you could do with your portfolio, current mortgage, pension etc.

A Great time to fix ?

The average two-year fixed rate has fallen by 2.28% in recent weeks according to  Moneyfacts data, , whilst the average three-year fix also fell, as did the five-year fixed rates (although the ten-year fix  rose slightly).

so is now a good time to think about fixing your mortgage rate ?

Two-year fixes

Here, the higher range of LTV average rates moved upward: in the 95 per cent LTV category the average rate rose from 3.31 per cent to 3.36 per cent, in the 90 per cent LTV band from 2.60 per cent to 2.77 per cent, and in the 85 per cent LTV band, from 2.38 per cent to 2.43 per cent.

At 70 per cent LTV, the rate dropped from 2.27 per cent to 2.20 per cent and at 65 per cent LTV, from 1.83 per cent to 1.73 per cent.

Drops were present in all LTVs downward except for at 60 per cent LTV, where many lenders have been capping new business. Here, the average rate went from 1.78 per cent to 1.80 per cent.

Three-year fixes

The average rate across all LTVs fell from 2.61 per cent to 2.44 per cent. As in the two-year fix band of products, at the higher LTVs rates crept up, only beginning to drop at 85 per cent LTV. Here, the average rate fell dramatically, however – from 2.53 per cent to 2.23 per cent.

At 80 per cent LTV the rate went from 2.49 per cent to 2.34 per cent and at 70 per cent LTV, from 2.40 per cent to 2.24 per cent. From then on downwards rates only moved slightly.

Five-year fixes

For five-year fixes, the average rate fell from 2.64 per cent to 2.58 per cent.

At 95 per cent LTV, the average rate rose from 3.62 per cent to 3.85 per cent, and at 90 per cent LTV, from 2.94 per cent to 3.17 per cent.

At 85 per cent LTV the rate fell too, from 2.69 per cent to 2.73 per cent, and at 80 per cent LTV, rates held at 2.61 per cent.

Dropped occurred from then on – at 75 per cent LTV from 2.41 per cent to 2.39 per cent and at 70 per cent LTV, from 2.56 per cent to 2.50 per cent.

Meanwhile, at 65 per cent LTV the average rate fell 10 basis points, from 1.99 per cent to 1.89 per cent, and at 60 per cent LTV the rate rose, from 2.06 per cent to 2.08 per cent. At 50 per cent LTV rates fell again, from 2.54 per cent to 2.44 per cent.

Ten-year fixes

Here the average rate across all LTVs rose slightly, from 2.71 per cent to 2.73 per cent. At the higher LTVs rates flew up – at 90 per cent LTV from 3.08 per cent to 3.24 per cent and at 85 per cent, from 2.72 per cent to 2.84 per cent. At 75 per cent LTV the rate moved from 2.58 per cent to 2.69 per cent. At 60 per cent LTV, the average rate went up from 2.43 per cent to 2.50 per cent.

This was countered by the average rate dropping at 70 per cent LTV – from 3.71 per cent to 3.49 per cent.

Moneyfacts finance expert Eleanor Williams says: “This week has seen a significant reduction in the number of mortgage products available to new borrowers as a result of the economic and operational difficulties that lenders are facing. That this has included the withdrawal of many higher LTV products is likely a factor as to why the average mortgage rates have dropped, as typically these are higher rated products.

“The hope is that this is a temporary situation, whilst mortgage providers initially focus their support on their existing customers and those who may be adversely impacted by the current crisis.

“Understandably new business is not likely to be where they utilise most of their resource at the moment. Anyone who is concerned about their ability to meet their mortgage payments should contact their provider directly to be aware of what their options are.”

However, there have been a couple of lenders who have taken the bold step of launching new fixed rate deals again this week; notably Halifax with a couple of 75 per cent and 80 per cent LTV products offered via intermediaries, and also Leeds Building Society who made rate increases, a handful of product withdrawals but also new 75 per cent loan-to-value product with no early repayment charges.

With a huge number of Lenders now offering Automated and Digital Valuations, it means that your dream move (or Buy To Let)  can still progress (with solicitors and legal teams all working from home) and for remortgage customers, it could be an ideal time to consider fixing


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