The average cost of a two-year fixed rate deal stands at 4.70% today. Average costs of three-year and five-year fixes stand at 4.47% and 4.29% respectively. This compares favourably to highs of more than 6.50% back in October 2022.
The most competitive deals available as of 11th May 2023 with a LTV 60% are:
3.88% for a two-year fixed rate, 4.29% for a three-year, and 3.74% for a five-year. The best 10-year fixed rate stands at 4.08%.
The average two-year tracker rate today stands at 5.12%, compared to the leading deal of its kind which is priced at 4.40%.
Lenders’ typical standard variable rate (SVR) stood at 7.26% today. Average SVRs a year ago in May 2022 were just 4.53%.
At the start of April, there were 5,264 residential mortgage deals on the market, according to Moneyfacts. The number has climbed from 4,372 since the start of last month. Now it is nearing the 5,300 recorded in December 2021 before interest rates began to climb.
The number of available mortgages had plummeted to around 2,560 following last Autumn’s mini-Budget.
* Data obtained from Forbes Advisor 11/05/23
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