Mortgage holders urged to plan ahead of interest rates hike to avoid repayments ‘shock’ | Personal Finance | Finance
Turning to variable rate mortgages, interest rates were 2.3 times higher for 75 percent LTV compared to 1.2 times higher for a 95 percent LTV mortgage.
Meanwhile, the average interest rate for a 90 percent LTV is 4.12 percent which is higher compared to a 95 percent LTV at four percent for two-year variable loans in November 2022.
Erin Yurday, the co-founder and CEO of NimbleFins, explained why some homeowners are paying four times more for their mortgage payments.
Ms Yurday said: “Lenders used to charge quite a bit less for loans with lower loan to value ratios – up to 2.5 percent less in 2021 – because it’s seen as less risky.
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