Homeowners, investors and first-time buyers are enjoying a record-high number of mortgage deals to choose from, as product numbers top 23,000.
Figures from sourcing platform Twenty7tec, which sees average weekday mortgage searches of up to 80,000, show that mortgage deals provided by 120 lenders have reached 23,935, the highest number of deals ever recorded by the firm.
Deal numbers are 4.9% higher than those recorded at the end of August and represent a new high following previous records set just before the housing market was locked down in March 2020.
More changes to come
James Tucker, chief executive and founder of Twenty7tec said: “We believe that we’re going to see even more product changes over coming days as hawkish comments by the governor of the Bank of England have, effectively, priced in a rate cut on November 6, directly after the Chancellor’s Autumn Statement.”
In an interview with The Guardian, Bailey said the Bank of England could become “a bit more aggressive” regarding the base rate, as long as inflation remained manageable.
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The average two-year fixed residential mortgage rate stands at 5.38%, while average five-year fixes are priced at 5.05%, according to Moneyfacts.
Average two- and five-year buy-to-let (BTL) deals are priced at 5.23% and 5.25% respectively.
The average two-year tracker rate is 5.67%, while standard variable rates (SVRs) are, on average, 7.96%.
