Latest data has revealed that the current average standard variable rate (SVR) mortgage for July 2020 is 4.46%. This would be a rate jump of almost 2% compared to the initial average 2-year fixed rate deal they may have taken out in July 2018 (2.52%). July 2020 saw the average 2-year fixed rate reduce to a historic low of 1.99%, meaning that those who are on their current SVR could be paying 2.47% more than if they were to have switched to a new 2-year fixed deal at the start of this month. Those in a position to consider a new mortgage deal may wish to move quickly, as average rates have begun to rise. Following the significant fixed rate war in 2019 & ever-tightening margins for mortgages, it was unclear how much impact Covid19 & subsequent Bank of England base rate cuts (still at a historic low of 0.10%) would have on fixed mortgage deals, so it’s great news for borrowers that approximately 3 months on from the second cut to base rate – in line with when we would traditionally expect to see reductions filtering down to products – that average mortgage rates, such as the two-year fixed product, hit its record low of 1.99%. This seems to demonstrate that despite the current climate, mortgage lenders are keen to lend at competitive levels where possible. For help with your next mortgage in Cambridge please call 01223 656412. https://local.google.com/place?id=15022266394329617825&use=posts&lpsid=4639075507265335262