First-time buyer monthly mortgage repayments £150 lower than peak

We keep a close eye on the mortgage rates lenders offer to borrowers – including when they change, and what this could mean if you’re thinking of moving.  

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We look at what’s happening from week to week in our rate tracker, but it can take much longer before changes to rates are big enough to make a significant impact on monthly mortgage repayments.  

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In July 2023, mortgage rates were at peak highs after a period of stubbornly high inflation figures.

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The good news is, while mortgage rates are still high compared to just a few years ago – before the Bank of England started raising interest rates – average monthly payments are now considerably lower than they were in July last year.  

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For buyers with a 20% deposit, the current average rate for a 5-year fixed, 80% LTV mortgage is 4.76%, down from the peak of 6.12% last July. In real terms, this means the average monthly mortgage payment has fallen from £1,096 last year, to £949 this month (-£147).  

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OneAgency can point you in the right direction for mortgage advice. Give us a call on 01782 970222 or email us at hello@oneagencygroup.co.uk so we can get you on the property ladder!