Rightmove’s Weekly Mortgage Tracker 06/06/23

Love or Hate Rightmove

Rightmove’s mortgage expert Matt Smith says: “We’re now seeing the full impact of the recent inflation numbers coming through, with rates increasing by an average of 0.39% across all LTVs and those with a 10% or 15% deposit hardest hit by these latest rate changes. This is a much higher increase than we’ve seen in recent weeks and reflects the uncertainty amongst lenders right now. One factor to keep in mind for those taking out a mortgage soon is that the minimum available rates for each loan size are considerably lower than the average rate, as some lenders try to remain as competitive they can.

“For example, while the average mortgage rate for a 5-year fixed, 85% Loan-to-Value (LTV) mortgage is up by 0.47% to 5.02%, the best-buy for this type of mortgage is currently 4.43%, up by 0.07% compared to last week’s lowest available rate. 

“This is the first week that we’ve seen average rates of 5% or more in all LTV brackets since early January. We’ve now seen the majority of lenders change their rates after an initially slow response to the inflation figures, and it’s likely lenders will assess the impact of these changes before making further moves.” 

The top table tracks 85% and 60% LTV for a 5 year fixed-rate mortgage so you can quickly see the trend at a glance. Further LTVs for 2 and 5 year fixed rates are in the tables that follow. All rates are based on products with a circa £999 fee. Rightmove can now provide mortgage rates across all LTVs for 95% of the mortgage market to exclude specialist lending.

 

LTV

(loan to value)

 

Term

 

Average rate

31st May 2023

Average rate

6th June 2023

Weekly Change Average rate

a year ago

 

85%

 

5 year fixed 4.55% 5.02% +0.47% 3.04%
 

60%

 

5 year fixed 4.38% 4.68% +0.30% 2.68%

 

  • The average monthly mortgage payment on a first-time buyer type property for someone taking out a five-year fixed, 85% LTV mortgage is now £1,127, up by £52 per month compared to last week
  • The average monthly mortgage payment on a first-time buyer type property for someone taking out a five-year fixed, 60% LTV mortgage is now £769, up by £23 per month compared to last week

 

*The average asking price for a first-time buyer type property (2 bedrooms and fewer properties) is now £226,399

 

LTV (loan to value)  

Term

 

Average rate

31st May 2023

Average rate

6th June 2023

Weekly Change Average rate

a year ago

 

95%

 

2 year fixed 5.74% 6.01% +0.27% 3.35%
 

95%

 

5 year fixed 5.27% 5.50% +0.23% 3.55%
 

90%

 

2 year fixed 5.11% 5.51% +0.40% 2.97%
 

90%

 

5 year fixed 4.76% 5.22% +0.46% 3.18%

 

 

LTV (loan to value)

 

Term

Average rate

31st May 2023

Average rate

6th June 2023

Weekly Change Average rate

a year ago

 

85%

 

 

2 year fixed

 

4.91%

 

5.39%

+0.48%  

2.93%

 

85%

 

 

5 year fixed

 

 

4.55%

 

5.02%

+0.47%  

3.04%

 

75%

 

 

2 year fixed

 

4.79%

 

5.24%

+0.45%  

2.80%

 

75%

 

 

5 year fixed

 

 

4.43%

 

4.88%

+0.45%  

2.83%

 

60%

 

 

2 year fixed

 

 

4.73%

 

5.07%

+0.34%  

2.64%

 

60%

 

 

5 year fixed

 

4.38%

 

4.68%

+0.30%  

2.68%

 

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. If you would like further data on different LTVs or fixed terms, please contact us.

Rightmove

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

You May Also Enjoy

Breaking News

Homes on spooky street names like ‘bat’ and ‘hell’ sell for far above the national average

The Halloween street names that cost a fortune to live on A new study has determined which Halloween-themed streets are the most expensive to live on.  Streets with the word ‘bat’ in the name face an increase of 188.6% from the national average house price in the UK.  Streets that include the words ‘cauldron’ or…
Read More
Estate Agent Talk

Why Mortgages Shouldn’t Only Be Accessible for 9–5 Workers

As the modern workforce evolves, mortgage lending criteria are struggling to keep up. Across the UK, thousands of people who earn outside of traditional employment, from content creators and freelancers to contractors and entrepreneurs, are finding themselves locked out of the housing market, despite having stable and often high incomes. According to James Enos, National…
Read More
Breaking News

Property Sector is in ‘Wait and See’ Mode

Commenting on how the property sector is fully in ‘wait and see’ mode ahead of the Autumn Statement, Daniel Austin, CEO and co-founder at ASK Partners, said: “With the Autumn Statement looming, the property market remains in ‘wait and see’ mode. Buyers are pausing, and developers are holding back amid uncertainty over potential tax changes…
Read More
Rightmove logo
Breaking News

Rightmove streamlines tenant move-in journey with Renter Checklist

The UK’s largest property platform Rightmove has launched a new checklist for renters, streamlining the process of moving into a new rental home. The checklist guides tenants through each part of the rental process, from finding a property to picking up the keys. The new Renter Checklist is available now in My Rightmove, where people…
Read More
Breaking News

Industry Reaction to Renters’ Rights Bill Becoming Law

The Renters’ Rights Act has officially received Royal Assent, marking one of the most significant reforms to England’s private rented sector in decades. The new law will ban Section 21 no-fault evictions, replace fixed-term tenancies with open-ended agreements, cap rent increases, and introduce tougher property standards under the updated Decent Homes Standard. It also paves…
Read More
Rightmove logo
Breaking News

Rightmove data and commentary as Renters’ Rights gets Royal Assent

The UK’s largest property platform Rightmove shares data and commentary on the rental market as the Renters’ Rights Bill finally gets Royal Assent and becomes law. Key market data The average advertised rent of homes outside of London has reached a new record of £1,385 per calendar month (pcm). Average rents outside of London are…
Read More