Niche Advice Rate Tracker Index (NARTI)
The Niche Advice Market Watch Rate Tracker Index(NARTI) looks into the progress of five year fixed mortgage rates over the course of time. It is designed to show short term trends to actively help applicants that are close to deciding buying a property. It is information only and the details are taking using the Twenty7tec sourcing software and ranked by true cost* over 60 months, and you must always seek professional advice on your own circumstances before attempting to apply for a mortgage.
Rather than provide rafts of meaningless information NARTI focuses in on the key areas of:
- 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
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”.
| 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 |
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.
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.
