Fixed mortgage deals drop to lowest levels in six months

Average fixed mortgage rates across all LTV tiers on two- and five-year fixed rate deals has fallen for a fourth consecutive month, the latest Moneyfacts UK Mortgage Trends Treasury Report data reveals.

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The overall average two- and five-year fixed rates fell between the start of November and the start of December, to 6.04% and 5.65% respectively, and are now at their lowest levels since June 2023.

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The average two-year fixed rate stands 0.39% higher than the average five-year equivalent, a narrower gap than the 0.43% difference last month.

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The average ‘revert to’ rate or Standard Variable Rate (SVR) remained unchanged. At 8.19%, this rate is at the highest level on Moneyfacts’ electronic records (starting July 2007).

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The average two-year tracker variable mortgage rate rose month-on-month to stand at 6.16%.

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Product choice overall rose month-on-month, for a fifth consecutive month, to 5,694 options, the highest level of availability in over 15 years. The last time there were more deals available was March 2008 (6,192 products).

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Finally, Moneyfacts reports that the average shelf-life of a mortgage product fell to 17 days, a sign of lenders vigorously repricing as the year end approaches.

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OneAgency can help and recommend a mortgage adviser to compare lenders to find you the best deal. Get in touch today on 01782 970222.