Rather than provide rafts of meaningless information NARTI focuses in on the key areas of:
Director and Advisor of Niche Advice Mr PayamAzadi comments on the latest data:
“The pay rates across the categories have reduced as Lenders try and get the year off to a cracking start. I can certainly vouch for the fact it is the busiest I have been since opening Niche over a decade ago. The quest to have a larger house and perhaps even a study to work from; has been accelerated by the lock-down combined with savings from working from home have seemingly made this for possible more people.
He goes on to say:“This extension of the Stamp Duty Holiday and introduction of the Mortgage Guarantee 95% schemes are likely to further stimulate activity, and it will be interesting to see how the NARTI looks next time out”.
NOTES
* True Cost factors in the interest rate, mortgage set-up costs and any cashback rebates. It assumes the product fee is paid.
* The comparison is based on an assumed purchase price of £300,000 over a 25 year mortgage term.
* It looks at repayment method of “Capital and Interest” for Residential and “Interest only” for Buy-to-let.
* Eligibility will depend on your own personal circumstances.
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Health Warning
Your Property is at Risk if you do not keep up with your mortgage repayments.
Niche Advice arranges mortgages and is not a Lender.
Published 7 March 2021 · Last reviewed 7 March 2021 · Older article — see current rates
Niche Advice Rate Tracker Index (NARTI)
- First time buyer 5 year fix with 15% deposit
- First time buyer 5 year fix with 10% deposit
- Buy-to-let 5 year fix with 25% deposit
- Buy-to-let 5 year fix with 20% deposit
| First time buyer 5 year fix with 15% deposit | ||
| Date analysed | 30/1/2021 | 6/3/21 |
| Initial rate | 2.87% | 2.71% |
| Subsequent reversionary rate | 4.64% | 5.29% |
| The total amount you must pay back, including the amount borrowed is | £406,635.40 | £423,323.16 |
| Overall cost of comparison APRC | 4.0% | 4.4% |
| Type and initial benefit period | Fixed rate until 30/4/2026 | Fixed rate until 31/5/2026 |
| Minimum percentage | 15% | 15% |
| Valuation fee | Free | Free |
| Booking fee | £Nil | £Nil |
| Lender product fee | £995 | £999 |
| Cashback | £Nil | £Nil |
| Lender name | Skipton BS | Leeds BS |
| First time buyer 5 year fix with 10% deposit | ||
| Date analysed | 30/1/2021 | 6/3/21 |
| Initial rate | 3.44% | 3.41% |
| Subsequent reversionary rate | 3.59% | 4.34% |
| The total amount you must pay back, including the amount borrowed is | £408,796.40 | £430,173.86 |
| Overall cost of comparison APRC | 3.6% | 4.1% |
| Type and initial benefit period | Fixed rate for 5 years | Fixed rate until 1/7/2026 |
| Minimum percentage | 10% | 10% |
| Valuation fee | Free | £275 |
| Booking fee | £Nil | £Nil |
| Lender product fee | £999 | £995 |
| Cashback | £500 | £500 |
| Lender name | Nationwide BS | Virgin Money |
| Buy-to-let 5 year fix with 25% deposit | ||
| Date analysed | 30/1/2021 | 6/3/21 |
| Initial rate | 2.03% | 1.99% |
| Subsequent reversionary rate | 4.49% | 4.44% |
| The total amount you must pay back, including the amount borrowed is | £452,161.75 | £448,762.44 |
| Overall cost of comparison APRC | 3.9% | 3.9% |
| Type and initial benefit period | Fixed rate until 31/3/2026 | Fixed rate until30/6/2026 |
| Minimum percentage | 25% | 25% |
| Valuation fee | Free | Free |
| Booking fee | £Nil | £Nil |
| Lender product fee | £1,995 | £1,995 |
| Cashback | £250 | £Nil |
| Lender name | Accord | TSB |
| Buy-to-let 5 year fix with 20% deposit | ||
| Date analysed | 30/1/2021 | 6/3/21 |
| Initial rate | 3.59% | 3.32% |
| Subsequent reversionary rate | 5.34% | 4.49% |
| The total amount you must pay back, including the amount borrowed is | £540,154.00 | £497,860.00 |
| Overall cost of comparison APRC | 4.9% | 4.3% |
| Type and initial benefit period | Fixed rate for 5 years | Fixed rate until 1/5/2026 |
| Minimum percentage | 20% | 20% |
| Valuation fee | Free | Free |
| Booking fee | £Nil | £Nil |
| Lender product fee | £Nil | £1,995 |
| Cashback | £Nil | £500 |
| Lender name | Loughborough BS | Accord |