Following mortgage rate changes over the weekend the largest rate differences between before the Government’s mini-Budget (Thursday 22nd September) and today have been seen on remortgage and higher LTV products, according to Defaqto.
Katie Brain, consumer banking expert at Defaqto said there had been “massive” rate increases across fixed rate mortgage ranges.
She said: “The last few days have seen massive interest rate changes for fixed rate mortgages.
“The biggest increases being for 2-year fixed rates for remortgages, for a 90% LTV the best rates have increased by 1.70% since the bank base rate changed, which equates to £138 more a month for a £150,000 mortgage.
“At the moment 5-year fixed rates have not increased as much as the 2-year fixed rates, but overall, they have still increased by more than the base rate increase.”
House Purchase
| LTV | Best rate Then | Fees Payable | Best rate Now | Fees Payable | Difference in rate | Increase in repayment based on £150k | |
| 2 Year | 60% | 4.06% | £490 | 4.56% | £0 | 0.50% | £39.53 |
| 75% | 4.06% | £490 | 4.61% | £0 | 0.55% | £43.81 | |
| 90% | 3.49% | £999 | 4.70% | £0 | 1.21% | £95.74 | |
| 95% | 3.99% | £199 | 4.91% | £0 | 0.92% | £77.06 | |
| 5 Year | 60% | 3.82% | £490 | 3.93% | £0 | 0.11% | £6.51 |
| 75% | 3.86% | £490 | 4.08% | £0 | 0.22% | £15.64 | |
| 90% | 3.98% | £490 | 4.17% | £0 | 0.19% | £13.22 | |
| 95% | 4.09% | £199 | 4.61% | £0 | 0.52% | £42.85 |
Remortgage
| LTV | Best rate Then | Fees Payable | Best rate Now | Fees Payable | Difference in rate | Increase in repayment based on £150k | |
| 2 Year | 60% | 4.06% | £490 | 5.04% | £0 | 0.98% | £81.05 |
| 75% | 4.06% | £490 | 4.36% | £0 | 0.30% | £22.54 | |
| 90% | 3.49% | £999 | 5.19% | £0 | 1.70% | £138.44 | |
| 95% | 3.99% | £199 | 5.43% | £0 | 1.44% | £122.89 | |
| 5 Year | 60% | 3.54% | £999 | 4.43% | £0 | 0.89% | £68.62 |
| 75% | 3.65% | £999 | 4.45% | £0 | 0.80% | £61.36 | |
| 90% | 3.98% | £490 | 4.58% | £0 | 0.60% | £47.89 | |
| 95% | 4.52% | £0 | 5.17% | £999 | 0.65% | £62.29 |
