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Mortgage rates have fallen across the spectrum and overall product choice has grown month-on-month. This is according to Moneyfacts UK Mortgage Trends Treasury Report data. The report shows that average fixed mortgage rates across all LTV tiers on two- and five-year fixed rate deals fell for a second consecutive
Mortgage product choice is at its highest level since 2008, signalling 'stability' in the market.
Brokers predict there could be falls in the cost of mortgages after a string of interest rate rises ends.
Almost a million homeowners face a massive payment shock when their existing fixed-rate mortgage ends. The unlucky ones could suddenly find themselves paying standard variable rates (SVRs) of almost 10 percent.
Increased product choice, alongside falling average two and five-year fixed rates, may be an early sign of stability within the mortgage market.