Today sees the release of a watershed 5 year fixed for remortgages at an astonishing 3.69%. With a flat fee of £1,750 and free valuation and legals this is available up to 60% Loan-To-Value.
Many will struggle to recall a more competitive 5 year fixed rate offering in any market.
This particular golden nugget is available from ING, the latest direct lender to embrace the intermediary channel through a select band of brokers via Legal & General.
For those who have put off remortgaging for a while, happy to sit on a low variable rate until something interesting comes along, well, this is that something.
With the lowest SVR currently at 2.5%, most others are higher, only the most bearish will believe that rates will not rise by at least 1.19% in the next 3 years, meaning that the initial uplift is a small price to pay for 5 years of security.
It will be interesting to see if other lenders follow suit and reduce their pricing further as products such as this are a real tonic for the beleaguered remortgage market.
Of course there will be many outside of the 60% LTV limits who will feel frustrated, but hopefully this is a sign that things are starting to hot up.
In the meantime, well done ING and well done those nice folks at L&G.