Exciting News for Homebuyers: More Mortgage Options Available

Good News For Homebuyers! The Number Of Mortgages Available With A 95% Loan-To-Value (LTV) Has Hit A Record High, Giving Borrowers More Options To Choose From. According To The Latest Moneyfacts UK Mortgage Trends Treasury Report, There Are Now 254 Deals At 95% LTV, The Highest Since Before The Fiscal Announcement In September 2022. Additionally, The Report Shows That The Number Of Options At 90% LTV Has Also Increased, With 709 Deals Available, The Highest Count Since February 2022.
Overall, There Has Been A Significant Rise In Product Choice, With A Total Of 5,678 Mortgage Options Available. This Marks The Highest Level Of Availability In Over 15 Years, Indicating A Thriving Mortgage Market. The Average Shelf-Life Of A Mortgage Product Has Also Increased To 20 Days, Up From A Low Of 12 Days In July, Providing Borrowers With More Time To Consider Their Options.
Furthermore, The Average Fixed Mortgage Rates Have Fallen For The Third Consecutive Month, Making It A Favourable Time For Potential Homebuyers. The Average Two- And Five-Year Fixed Rates Now Stand At 6.29% And 5.86% Respectively, Showing A Narrowing Gap Between The Two.
On The Other Hand, The Average ‘Revert To’ Rate Or Standard Variable Rate (SVR) Has Risen To 8.19%, The Highest Level On Record. However, The Average Two-Year Tracker Variable Mortgage Rate Has Decreased To 6.15%, Offering A More Competitive Option For Borrowers.
Rachel Springall, A Finance Expert At Moneyfacts, Commented On The Positive Trends, Stating That The Reduced Volatility In The Market Is A Promising Sign. She Also Highlighted The Potential For Further Decreases In Fixed Rates, Which Could Benefit Borrowers In The Near Future.
In Conclusion, The Current Mortgage Market Presents An Opportune Time For Homebuyers, With Increased Product Choice And Favourable Fixed Rates. While The Market Is Showing Signs Of Stability, Borrowers Are Advised To Stay Informed And Take Advantage Of The Available Offers, As Future Changes In Rates Could Impact The Shelf-Life Of Competitive Deals.