"The mortgage price war is really heating up and there are now 86 deals with an interest rate of 0.9% or lower."
Its data shows that there are now 86 deals with an interest rate of 0.9% or lower. Two-year fix rates are the most popular term type for sub-1% products, with 74% of leads coming from remortgage customers.
Despite the growth in sub-1% products, just 2% of all enquiries to Trussle were for these types of mortgages in July.
Miles Robinson, head of mortgages at Trussle, commented: “The mortgage price war is really heating up and there are now 86 deals with an interest rate of 0.9% or lower. This is great news for buyers, as they have the opportunity to guarantee record low interest on their mortgage payments for up to five years, offering them certainty and stability.
"However, while it is extremely positive that lenders are passing competitive rates onto consumers, buyers will need significant deposits, typically of around 40%. As a result, those who can only afford high LTV products, like first-time buyers, are still missing out on the lowest interest rates available. This is creating a real disparity in fairness across the market where those with the least capital are unable to take advantage of interest rates below 1%. We hope to see more low interest fixed term products become available. But, we urge lenders to ensure that all buyers have the opportunity to access the most competitive rates.”
