Lowest 85% mortgage rate drops below 5% for the first time since June
November 2, 2023
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.
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