Loan-to-value (LTV) deals were hit particularly hard by this.
Eleanor Williams, a Finance Expert at Moneyfacts, commented on the mortgage markets outlook: “We are left with a very mixed picture for potential new mortgage customers.
“Those with higher levels of deposit or equity are seeing continued reductions in the average rates available and the prospect of saving potentially thousands on stamp duty will be a fantastic incentive to progress any home moves.
“However, for those with only five percent or 10 percent deposit or equity, the outlook remains bleak. For the stamp duty holiday to succeed in encouraging more prospective borrowers to take that next step on the property ladder, the demand for products, especially in the high LTV tiers where most of the fluctuations in availability are focused, needs to be met.”
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