Mortgage market doubles since mini-budget

The mortgage market has doubled since the mini-budget, with 5,264 options available in May 2023, up from 2,258 in October 2022. The number of options within the 15% and 25% deposit ranges are the highest on record, suggesting greater stability in the level of choice. The average “shelf life” of a mortgage product is now 25 days, compared with 15 days in October 2022. Fixed mortgage rates rest lower on a month-on-month basis, but it is anticipated that fixed interest rates will start to rise due to volatile swap rates. The average standard variable rate mortgage has continued to climb, standing at 7.37% typically, the highest level since December 2007. Rachel Springall, a finance expert at Moneyfacts, said that borrowers who are coming off a fixed-rate deal may be understandably concerned about the rate difference between their existing rate and those on offer in the present market. 

Evening Standard (17/05/2023)