Rightmove’s latest mortgage tracker – first lowest rates available lower than 5% since June

September 22, 2023
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Today we have seen the lowest mortgage rate available within a Loan-To-Value (LTV) bracket dip below 5% for the first time since June (75% and 60% LTV 5-year fixed mortgage).

Please see below the latest average and lowest mortgage rates today.

Headline stats 

  • The lowest rate available for a 75% LTV 5-year fixed mortgage is now 4.94%
  • The lowest rate available for a 60% LTV 5-year fixed mortgage is now 4.94%
  • The average 5-year fixed mortgage rate is now 5.58%, up from 4.42% a year ago
  • The average 2-year fixed mortgage rate is now 6.11%, up from 4.57% a year ago
  • The average 85% LTV 5-year fixed mortgage rate is now 5.66%, up from 4.38% a year ago
  • The average 60% LTV 5-year fixed mortgage rate is now 5.19%, up from 4.11% 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 £1,194 per month, up from £1,048 per month a year ago

 

Latest rates data

 

LTV

(loan to value)

  

Term

 

 Average rate 22nd September 2023 Lowest rate 22nd September 2023 Average rate

a year ago

 

95%

 

 2 year fixed 6.41 % 6.24% 5.03%
 

95%

 

 5 year fixed 5.87 % 5.69% 4.94%
 

90%

 

 2 year fixed 6.34% 5.93% 4.65%
 

90%

 

 5 year fixed 5.72% 5.38% 4.48%

 

 

 

LTV (loan to value)

  

Term

 Average rate 22nd September 2023 Lowest rate 22nd September 2023 Average rate

a year ago

 

85%

 

 2 year fixed  

6.21%

  

5.84%

 4.51%
 

85%

 

  

5 year fixed

 

  

5.66%

  

5.18%

 4.38%
 

75%

 

  

2 year fixed

  

5.94%

  

5.52%

 4.36%
 

75%

 

  

5 year fixed

 

 5.41% 4.94% 4.20%
 

60%

 

  

2 year fixed

 

 5.75% 5.44% 4.31%
 

60%

 

  

5 year fixed

 5.19% 4.94% 4.11%

 

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 £225,244, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,194 per month if repaying over 25 years, compared with £1,048 per month a year ago.

Average mortgage rates to be credited to Rightmove. The data is provided by specialist mortgage technology provider Podium Solutions. The data covers 95% of mortgage lending, to exclude specialist lenders. All rates are based on products with a circa £999 fee.

Rightmove

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

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