Moneyfacts: Mortgage product choice at its highest level since March 2008
Mortgage product choice is at its highest level since March 2008 according to the latest Moneyfacts Trends Treasury Report.
The report highlights that product choice has risen to 6,004 mortgage options, its highest level since March 2008, when there were 6,192 rate options. The availability of deals for those with a 10% deposit has also increased to its highest point in four years, when there were 779 rates in March 2020.
While there are more mortgages available the average shelf-life of a product has reduced to 15 days as the lenders continue to change their mortgages. According to Moneyfacts, the 15-day shelf-life is down from 28 days at the start of February 2024. The lowest figure on record was 12 days in July 2023.
Aaron Strutt, product director at Trinity Financial, says, “Rates have generally been going up in recent weeks, but there are still some competitively priced deals available. Halifax is the latest lender to raise its rates again.
"If you are purchasing a property or due to remortgage, the trick is to decide if you want a two, three, or five-year fix and secure a rate. You can always try to swap deals as and when cheaper ones are available. Many banks and building societies are still withdrawing their rates and are not giving much time for applications to be submitted.”
Average mortgage rates
Average mortgage rates on the overall two- and five-year fixed rate deals rose, breaking six months of consecutive cuts.
The overall average two- and five-year fixed rates rose between the start of February and the start of March to 5.76% and 5.34%, respectively. The average two-year fixed rate stands 0.42% higher than the five-year equivalent.
The average ‘revert to’ rate or standard variable rate rose slightly by 0.01%, to 8.18%, just shy of the highest recorded of 8.19% during November and December 2023.
Source: Moneyfacts.co.uk
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The information contained within was correct at the time of publication but is subject to change.
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