Lowest 85% mortgage rate drops below 5% for the first time since June

Love or Hate Rightmove

Headline stats 

 

  • The average 5-year fixed mortgage rate is now 5.36%, down from 5.97% a year ago
  • The average 2-year fixed mortgage rate is now 5.81%, down from 6.22% a year ago
  • The average 85% LTV 5-year fixed mortgage rate is now 5.44%, down from 6.00% a year ago
  • The average 60% LTV 5-year fixed mortgage rate is now 4.94%, down from 5.71% a year ago
  • The average monthly mortgage payment on a typical first-time buyer type property when taking out an average five-year fixed, 85% LTV mortgage, is now £1,164 per month, down from £1,228 per month a year ago

 

Latest rates data

 

LTV

(loan to value)

 

Term

 

Average rate 2nd November 2023 Lowest rate 2nd November 2023 Average rate

a year ago

 

95%

 

2 year fixed 6.24% 5.99% 6.60%
 

95%

 

5 year fixed 5.76% 5.59% 6.25%
 

90%

 

2 year fixed 6.05% 5.69% 6.40%
 

90%

 

5 year fixed 5.51% 5.10% 6.14%

 

 

 

LTV (loan to value)

 

Term

Average rate 2nd November 2023 Lowest rate 2nd November 2023 Average rate

a year ago

 

85%

 

2 year fixed  

5.96%

 

5.54%

6.26%
 

85%

 

 

5 year fixed

 

 

5.44%

 

4.99%

6.00%
 

75%

 

 

2 year fixed

 

5.57%

 

5.17%

6.05%
 

75%

 

 

5 year fixed

 

5.16% 4.74% 5.76%
 

60%

 

 

2 year fixed

 

5.37% 5.07% 5.95%
 

60%

 

 

5 year fixed

4.94% 4.64% 5.71%

 

Rightmove can provide average monthly mortgage payments based on the latest available asking price and mortgage rate data. For example, the average monthly mortgage payment on a first-time buyer type property which is currently £224,263, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,164 per month if repaying over 25 years, compared with £1,228 per month a year ago.

Rightmove

UK Property news updates shared directly from Rightmove PLC - the country's leading property portal.

You May Also Enjoy

Love or Hate Rightmove
Breaking News

Rightmove reaction to Bank Rate hold

Matt Smith, Rightmove’s mortgage expert says: “In a rollercoaster year for the mortgage market, we end the year with a hold in the Bank Rate at 4.75%. “While not the early Christmas present that many would have wanted, it was widely anticipated, and must be considered against a backdrop of inflation being at the top end…
Read More
Software & Tech

Top B2B E-commerce Application Development Trends in 2024-25

The B2B eCommerce landscape is always evolving, leveraging technologies so advanced that firms can enhance and refine the customer journey from search to delivery. The important trend of modern B2B eCommerce is based on digitalization. Addition to artificial intelligence (AI), and the integration of the eCommerce platforms and other software used for resources, warehouses, and…
Read More
Love or Hate Rightmove
Breaking News

Rightmove unveils new marketing campaign

Rightmove is launching a new marketing campaign from Christmas Day, just ahead of the Boxing Day bounce and New Year jump in home-mover activity. The new campaign is called ‘If they can find it, so can you’. It communicates that, with the UK’s largest choice of homes, everyone can find a home that fits their…
Read More
Breaking News

Zoopla research: Recent homemovers spent an average of nine years in their previous home

The data shows two peaks in seller activity over the last 18 months, those who bought just before the Global Financial Crisis and those who bought just before or during the pandemic. Homeowners in smaller homes outgrow them quickly spending nine years in a two-bed flat vs 13 years in a larger home Sellers in more affordable…
Read More
Estate Agent Talk

The Role of IT Support in Facilitating Seamless eLearning Experience

The eLearning industry has increased, driven by technological advances and the need for flexible, accessible education. Online platforms offer a world of opportunities for students and professionals alike, but behind every seamless virtual classroom experience lies a robust IT infrastructure. IT support is the backbone of eLearning, ensuring platforms run smoothly, are secure, and can…
Read More
how to present your property for sale
Breaking News

Private rent and house prices, UK: December 2024

Main points Average UK private rents increased by 9.1% in the 12 months to November 2024 (provisional estimate); this is up from 8.7% in the 12 months to October 2024. Average rents increased to £1,362 (9.3%) in England, £772 (8.0%) in Wales, and £980 (6.5%) in Scotland, in the 12 months to November 2024. In…
Read More