Moneyfacts' analysis reveals that the average rates for two- and five-year fixed mortgages increased from the beginning of March to the start of April, reaching 5.80% and 5.39% respectively. The two-year fixed rates are now 0.41% higher than the five-year rates.
The total number of available mortgage products surged to 6,307 in March, the highest level since February 2008.
Deals at a 90% loan-to-value ratio increased for the second consecutive month, reaching 774, the highest in over four years.
Moreover, deals at a 95% loan-to-value ratio rose for the fourth straight month to 335, the highest count in nearly two years.
The average lifespan of a mortgage product stabilized at 22 days, up from 15 days in early March 2024.
Rachel Springall, a finance expert at Moneyfacts, noted that both two- and five-year fixed rates are currently lower than at the beginning of 2024, providing borrowers with more affordable rates than six months ago. The increased variety of products is particularly beneficial for first-time buyers seeking affordable properties. However, borrowers with limited deposits may find that rates for the 90% and 95% loan-to-value products have breached 6%.
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