Lenders have been happy to hand out mortgage money to cash-rich homeowners in the pandemic, but not to first-time buyers with small deposits and the self-employed.
Interest rates levied on mortgages with a 5pc deposit are now below 4 per cent, with the lowest in June at 3.39 per cent for a two year fix. At the very beginning of the virus crisis, the Bank of England dropped the base interest rate to a record low of 0.1 per cent. And now, as lockdown eases, there's a chance the rate could be raised. Such a change would increase mortgage repayment bills for those on tracker deals.
Trussle's Mr Robinson says homeowners should also be wary of standard variable rates, adding: 'We've found that customers save £334 on average per month by remortgaging on to a fixed rate.
