Mortgage product choice hits highest level since February 2022: Moneyfacts

by Aaron Strutt

Sep 12 2023

The number of mortgage rates available for borrowers has risen to its highest level since February 2022, while the average shelf life of rates has stabilised. This is according to the latest data from Moneyfacts.

The number of mortgages available rose month-on-month to 5,338 rate options, the highest count since February 2022 (5,356) and more than double the availability seen in October 2022.

The average shelf life of a mortgage product also rose to 15 days; the lowest on Moneyfacts' records was 12 days in July 2023. The average shelf life in October 2022 was 15 days.

The average two and five-year fixed rates fell between the start of August and the start of September, to 6.70% and 6.19%, respectively. The average two-year fixed rate stands at 0.51% higher than the average five-year equivalent.

Avoid your lender's standard variable rate

The average two-year tracker variable mortgage rate rose month-on-month to stand at 6.25% and the average standard variable rate also continued to climb. At 8.09%, this rate is at its highest on Moneyfacts' electronic records (starting July 2007).

Aaron Strutt, product director at Trinity Financial, says: "It is good news that mortgage product choice has grown to its highest level since February 2022, and the rates are around for longer. 

"Moneyfacts data shows there are more lower deposit mortgages, and rates are still coming down. Those borrowers about to come off a fixed rate deal need to look around for a new deal, especially as the average standard variable rate now stands at a record high of 8.09%."

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.

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