Mortgage product availability has increased for the first time since June, but average rates are continuing to rise, according to the latest research from Moneyfacts.
There are now 2,404 products available on the market, representing a month-on-month increase of 145, with the strongest growth seen in the 75% and 80% LTV sectors where product numbers have increased by 43 and 49 respectively. However, year-on-year, there is less than half the number of products available to consumers now than were on offer in November 2019.
The average two and five-year fixed rates for all LTVs have increased for the fourth consecutive month, rising by 0.05% and 0.08% respectively. At 2.43%, the average two-year rate is equal to that seen prior to the onset of the pandemic in March, while at 2.70% the five-year rate sits 0.04% lower.
The average shelf life for a mortgage product has fallen by two days this month. At 28 days, this is the lowest seen since August 2018 – which was the last time base rate increased.
For the full article: https://www.financialreporter.co.uk/mortgages/ortgage-availability-improves-but-rates-continue-to-rise-moneyfacts.html
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https://www.themortgagebureau.co.uk/blog/mortgage-availability-improves-but-rates-continue-to-rise/
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