There are currently 6,842 mortgage rates to choose from according to the latest Moneyfacts survey
The overall choice of mortgage rates fell month-on-month, but the average shelf-life of a mortgage rose.
There are currently 6,842 mortgage rates to choose from, slightly up from the 6,657 figure in August 2024, according to the latest Moneyfacts UK Mortgage Trends report.
The average shelf-life of a mortgage product rose to 17 days, up from 16 days a month ago.
Aaron Strutt, product director at Trinity Financial, says: "There are lots of lenders and lots of rates to choose from at the moment. Banks and building societies have different rates depending on whether you are purchasing a property or remortgaging. There are also separate rates depending on the size of your deposit and potentially the amount you earn."
What is the average mortgage rate?
Average mortgage rates on the overall two- and five-year fixed rates fell by 0.08% and 0.07% to 5.01% and 5.01%, respectively, slightly higher margins than the prior month.
You have to go back to September 2022 and May 2023 when two- and five-year fixed rates were lower (4.24%) and (4.97%) respectively. These were the last times the rates were at sub-5%.
The Moneyfacts Average Mortgage Rate fell to 5.04%, down from 5.11% month-on-month. It is down from 5.65% since August 2024, and lower than 6.52% in August 2023. The average two-year tracker variable mortgage rate remained unchanged at 4.91%.
What is the average standard variable mortgage rate?
The average ‘revert to’ rate or Standard Variable Rate (SVR) remained at 7.42% from the high street lenders. In comparison, the highest recorded was 8.19% from a high street lender during November and December 2023. This is according ot Moneyfacts.
Lending solutions with Trinity Financial
Are you looking to buy a property or remortgage and need expert advice? We’re here to help you find a solution. Our specialist brokers have extensive experience providing creative solutions to secure mortgages for our clients.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation
The information contained within was correct at the time of publication but is subject to change.
Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage
Source: Mortgage Strategy
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