The i - More households take two-year mortgages as they go sub-5% for first time since Truss
More households are now choosing to take on two-year fixed deals instead of five-year ones as the rate on short-term deals continues to fall, experts have said.
The average two-year mortgage fix dropped below 5 per cent today for the first time since September 2022, shortly after Liz Truss's mini-budget, which sent mortgage rates catapulting upwards.
Aaron Strutt of Trinity Financial told The i: “More of our clients are taking two or three-year fixes rather than five-year fixes at the moment because of the price difference and also the general expectation that rates will be cheaper in two years time.
“We are not really used to seeing two-year fixes consistently undercut the five-year deals although it is starting to become more standard.”
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