Greatest choice of low deposit mortgages since 2020: Moneyfacts
The number of mortgages available to borrowers with a 5% deposit has increased to 388, now at its highest point in almost five years since March 2020.
According to the latest Moneyfacts UK Mortgage Trends Treasury Report, mortgage product choice overall fell month-on-month, to 6,451 options, however product numbers are substantially higher than a year ago (5,787).
Average mortgage rates on the overall two- and five-year fixed rates rose by 0.04% and 0.07% to 5.52% and 5.32% respectively.
The average two-year fixed rate is 0.20% higher than the five-year equivalent but the gap is at its lowest margin since January 2023 (0.16%). The two-year fixed rate has now been higher than the five-year equivalent since October 2022.
The average two-year tracker variable mortgage rate fell to 5.46%. The average ‘revert to’ rate or Standard Variable Rate (SVR) fell to 7.78%. In comparison, the highest recorded was 8.19% during November and December 2023.
The average shelf-life of a mortgage product rose to 36 days from 21 days a month ago.
Aaron Strutt, product director at Trinity Financial, says: "There is a lot of choice in the mortgage market at the moment, whether for fixed or tracker rates, short or longer-term products. The lenders have been gradually easing their acceptance criteria, and many have been offering more generous loan sizes.
"Figures in The Times today say, according to Rightmove, the volume of home sales agreed in January was 15 per cent higher than its recent trend. Demand was also 8 per cent higher than usual, while the number of new property listings jumped by 13 per cent."
Call Trinity Financial on 020 7016 0790 to secure a mortgage, book a consultation, or complete our mortgage questionnaire.
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
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
