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There are now over 5,000 mortgages on the market.
Borrowers are benefiting from an increase in mortgage options, according to the latest Moneyfacts UK Mortgage Trends Treasury Report.
The encouraging rise in products comes around six months on from the unprecedented uncertainty surrounding interest rates following the fiscal announcement. This forced many lenders to withdraw their deals from the market as they considered how to reprice their ranges.
Today there are over 5,000 mortgages on the market, the highest available since February 2022. Meanwhile, the month-on-month rise in products was a significant 774 options.
Several loan-to-value brackets experienced a rise, including deals at 95% loan-to-value (LTV) which breached 200 deals for the first time since September 2022.
Interest rate competition among lenders was mixed month-on-month, however it is widely expected that fixed mortgage rates will reduce over the next few months.
This will be determined by fluctuating swap rates and lenders appetite for business.
Those borrowers with a large deposit or equity may be pleased to see the average rates at 60% LTV for a two-year or five-year fixed mortgage stand below 5%.
Away from the fixed mortgage arena, variable interest rates have steadily been rising. The Bank of England base rate rose again last month to now stand at 4.25%, and our average Standard Variable Rate (SVR) has now hit 7.30%, its highest rate since February 2008.
Borrowers comparing both rates and the overall mortgage packages would be wise to seek independent financial advice to assess the true cost of any deal, and to ensure it’s the right time for them to refinance.
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Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfactscompare.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
While rent has increased it could still be more affordable than homeownership.
While rent has increased it could still be more affordable than homeownership.
Each week the Moneyfactscompare.co.uk content team round up the very best mortgage rates available in the UK. Compare and apply today.
Virgin Money and Skipton Building Society secure leading positions in our best mortgage rate charts this week.
Fixed rate mortgages are typically the first port of call for borrowers, offering rate certainty and set repayments that can make the process of homeownership more streamlined and potentially cheaper, too. But the question is, for how long should you fix your mortgage?
For how long should you fix your mortgage? This guide will discuss your options in more detail.
While rent has increased it could still be more affordable than homeownership.
While rent has increased it could still be more affordable than homeownership.
Each week the Moneyfactscompare.co.uk content team round up the very best mortgage rates available in the UK. Compare and apply today.
Virgin Money and Skipton Building Society secure leading positions in our best mortgage rate charts this week.
Fixed rate mortgages are typically the first port of call for borrowers, offering rate certainty and set repayments that can make the process of homeownership more streamlined and potentially cheaper, too. But the question is, for how long should you fix your mortgage?
For how long should you fix your mortgage? This guide will discuss your options in more detail.
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I accept. Read our Cookie PolicyMoneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.