At Mortgage Success we have access to over 70 Mortgage lenders and as you might expect, in being a whole of market broker we have a fairly good grasp on what the Mortgage Market has to offer.
There are lenders that cater for various parts of the mortgage market from those who we refer to as “vanilla” (i.e. whom only accept applications with no complications and very straight forward) through to more complex applicants with bad credit, contract work, self employed or other quirks.
It is difficult to determine how many different Mortgage Deals are available in the mortgage market on any given day but we estimate there are over 10,000 Mortgage products available in current climate at any time. That is working on the assumption that 70 lenders have products available from 60% LTV up to 95% LTV on fixed and variable rates, some with fees, some without and some lenders also offer Offset Mortgages, Buy to lets, self builds etc.
As of today there are deals available with rates from 1.29% through to 10.65%, these go from under 60% LTV up to 95% LTV.
Bad credit Mortgage rates
With Mortgage lenders who specifically market for applicants with bad credit, we are able to access rates from as low as low as 2.57% however there are also other lenders who do not specifically market for bad credit applicants, but they can accept some minor blips, their rates start from below 1.29%.
Self Employed Mortgage Rates
This is another part of the market which is in quite good shape at the minute. We have Mortgage lenders who will consider 1 years accounts from under 1.4%. through to more specialist lenders where the rates are a little higher – typically up to around 3%, possibly a little higher if you have a small deposit.
Mortgage market overview
Despite what is happening in the wider market with Brexit, the Mortgage market is in a very good position at the moment. We have Mortgage lenders wanting to cherry pick the very best customers through to Mortgage lenders who will accept some quite major credit issues or other quirks such as a short time in the country (either foreign nationals or returning expats), self employed applicants with just 1 years trading and so on.
The Mortgage market has probably seen the lowest rates it will ever have and they have crept up slightly over the last 12 months. In 2017/18 we were seeing rates of under 1% on offer (albeit they did come with a £1500 arrangement fee), the lowest rates at the moment are around the 1.3% mark. That means lenders have probably bottomed out in terms of rates but have opened up criteria. If you are looking for the lowest rates, you are probably not going to get anything lower than they are today. If you have some sort of complication or quirk to overcome then the time has probably never been better.
Overall the mortgage market appears to be in very good shape and shows no sign of slowing down. Lenders seem to want to lend but we have probably seen the lowest of the low interest rates.
If you are thinking of buying or looking to remortgage, it is unlikely to be cheaper than it is now so lets see if we can help you.