Mortgage Brain has reported that the majority of three and five-year fixed rate residential mortgages have come down in cost over the past six months.

It’s latest figures, as of 1 July 2019, show that the cost of a 60% and 70% LTV five-year fixed rate mortgage is now 2% lower than it was in April, or 3% lower when compared to the start of the year.

The same product with a 90% LTV now costs 2% less than it did three months ago (or 1% lower compared to January 2019), while the cost of a 60%, 70% and 90% LTV three-year fixed is now 1% lower than it was six months ago.

Mortgage Brain’s data – which provides a breakdown of all main products types in the UK mortgage market for a repayment mortgage and calculated by cost per ‘£000’ – also shows a reduction in cost of some two-year residential mortgages.

A 60% LTV two-year tracker, for example, now costs 3% less than it did at the beginning of the year, while the cost of a 60% LTV two-year fixed is now 2% lower over the same period.

In monetary terms, the 3% reduction in cost over the past six months for the 60% and 70% five-year fixed equates to an annualised saving of £234 and £216 respectively on a £150k mortgage.

With a current rate of 1.34% (as of 1July 2019), the fall in cost of the two-year tracker offers borrowers an annualised saving if £180, while the 2% reduction equates to a saving of £126 for the two-year fixed rate mortgage.

Mark Lofthouse, CEO of Mortgage Brain, said: “Our latest residential mortgage data continues to show a number of good deals for first time buyers and those looking to remortgage, especially for those looking for a longer term deal.

“And with recent predictions that interest rates will remain on hold throughout most of 2019, the picture could well be the same for the next few months.”