Fixed rate mortgages at their lowest level for over 2 decades

New data that was just released from Moneyfacts reveals that home buyers now have access to some of the lowest fixed rate deals available on the market since 1989. Mortgage rates all over the place have dropped down to the lowest they have been in 24 years, even for first time buyers that can only afford to put down a ten percent deposit.

Rates have been dropping slowly since the government kicked off its Funding for Lending Scheme which started back in August of last year. The idea was to encourage banks to offer more lending to their customers. However, it is just now in the last few weeks that an entire list of ‘best ever’ deals have hit the market allowing borrowers to now have easy access to some of the best rates for two, five, and three year fixed mortgages in the last few decades.

For instance, one of the best buys on the market right now is a 1.89% fixed rate that hails from the Chelsea building society. This loan was launched on February 8th and is one of the best buys out there for those that want to take out a loan with a 60% LTV. In fact it is the lowest fixed rate ever to be recorded by Moneyfacts.

Those who can only afford a 10% deposit will still find low rates for this tier of borrowing including a 4.09% fixed for three years offered by the Loughborough building society. At the moment it is the lowest three year fixed mortgage on the market that only requires a 90% LTV. Also popular for those who want a 90% LTV is the Chelsea building society offer of 3.69% on a two year fixed rate loan. This is the lowest seen on the market since September of 2007.