Number of fixed and variable mortgages hits highest level since 2007 with 7,158 rates currently available
Quick Summary
Homebuyers now have access to more mortgage options than at any point in almost two decades, according to new industry data. Mortgage product availability has reached its highest level since October 2007, giving borrowers significantly more choice. There are currently 7,158 mortgage deals available across the market, according to research from Moneyfacts. The cheapest fixed rates start from just over 3.5%.
Financial information service Moneyfacts says "expectations are high for a booming market in 2026".
In its latest Moneyfacts UK Mortgage Trends Report, data shows that product choice rose month-on-month to 7,158 options, and year-on-year, there are now 650 more mortgage rates available to borrowers. The latest count is the highest since October 2007, when 7,421 rates were available. Mortgages for borrowers with a deposit of between 5% and 10% of a property value are at near 18-year highs.
Although most banks and building societies adjust their mortgage rates regularly, Moneyfacts reports that the average rate remains in place for 21 days before it is withdrawn. This is significantly longer than at many points over the last few years, providing more stability to the mortgage and property markets.
The Moneyfacts Average Mortgage Rate fell to 4.87% month-on-month from 4.91%. Year-on-year the rate is down by 0.53%, from 5.40% in January 2025. The average two-year tracker variable mortgage rate fell to 4.44% from 4.66% month-on-month and is down 1.03% year-on-year from 5.47%. Cuts to the Bank of England Base Rate have helped fuel the falls.
Remortgage customers will find the incentive to switch has intensified, as fixed rates are substantially lower than they were and much cheaper than the average ‘revert to’ rate or Standard Variable Rate. The average standard variable rate fell 0.56% month-on-month to 7.25%, down 0.56% year-on-year from 7.81%.
Rachel Springall, Finance Expert at Moneyfacts, said: “Remortgage customers stand to make substantial savings when moving off a revert rate if they switch to a two-year fixed deal. Moving off the average revert rate of 7.25% to the average two-year fixed rate at 60% loan-to-value of 4.28%, remortgage customers could save over £5,000 in repayments over one year, based on a mortgage of £250,000 over 25 years.
"UK Finance expects a 10% rise in external remortgaging in 2026 (to rival lenders rather than taking product transfers), and 1.8 million fixed-rate mortgages are due to come to an end this year. However, some of these will include buyers who managed to lock into a cheap rate in 2020, so they will need to seek advice for support if they are concerned about rising repayments by moving onto a higher fixed rate.”
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The information contained within was correct at the time of publication but is subject to change.
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