Rightmove’s weekly mortgage tracker – 14/02/24
February 14, 2024
Headlines
- The average 5-year fixed mortgage rate is now 4.69%, down from 4.70% a year ago
- The average 2-year fixed mortgage rate is now 5.03%, up from 5.02% a year ago
- The average 85% LTV 5-year fixed mortgage rate is now 4.64%, down from 4.73% a year ago
- The average 60% LTV 5-year fixed mortgage rate is now 4.13%, down from 4.32% 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 £1,066 per month, down from £1,076 per month a year ago
Latest rates data
| LTV
(loan to value) |
Term
|
Average rate 14th February 2024 | Lowest rate 14th February 2024 | Average rate
a year ago |
|
95%
|
2 year fixed | 5.73 | 5.15 | 5.64 |
|
95%
|
5 year fixed | 5.33 | 4.84 | 5.28 |
|
90%
|
2 year fixed | 5.26 | 4.89 | 5.44 |
|
90%
|
5 year fixed | 4.81 | 4.47 | 4.97 |
|
LTV (loan to value) |
Term |
Average rate 14th February 2024 | Lowest rate 14th February 2024 | Average rate
a year ago |
|
85%
|
2 year fixed | 5.03 | 4.64 | 5.06 |
|
85%
|
5 year fixed
|
4.64 | 4.32 | 4.73 |
|
75%
|
2 year fixed |
4.85 | 4.30 | 4.79 |
|
75%
|
5 year fixed
|
4.59 | 4.14 | 4.47 |
|
60%
|
2 year fixed
|
4.46 | 4.20 | 4.63 |
|
60%
|
5 year fixed |
4.13 | 3.94 | 4.32 |
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 £222,473, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,066 per month if repaying over 25 years, compared with £1,076 per month a year ago.
You May Also Enjoy
How to Transition from a Fixed-Term Tenancy to a Periodic Tenancy
Transitioning from a fixed-term tenancy to a periodic tenancy is a common occurrence in the UK rental market. It offers flexibility and convenience for both landlords and tenants by continuing the rental agreement on a rolling basis once the fixed term ends. Whether you’re a landlord managing a property or a tenant seeking clarity, Martin…
Read More 
Housing sales end 2024 on a high, but buyers more cautious about how much to pay for homes as mortgage rates drift higher
Buyers and sellers returned to the market over 2024 building a sales pipeline 30 per cent larger than a year ago with 283,000 homes worth £104bn progressing to a sale in 2025. This is the largest end of year total value for four years. House prices have returned to growth with the average house price…
Read More 
£21 million to live on UK’s most expensive street
· Knightsbridge in London now the priciest UK street · The UK’s 10 most expensive streets all in the capital, with an average price tag of £16.5 million · East Road in Weybridge the most expensive address outside of London · Priciest UK properties are 60 times more than a typical home Lloyds has revealed…
Read More 
Breaking Property News 20/12/24
Daily bite-sized proptech and property news in partnership with Proptech-X. Why estate and letting agents must embrace innovative technology in 2025 As we step into 2025, the UK property market continues to shift, and estate agents face mounting pressure to meet the evolving expectations of buyers and sellers. The days when static images sufficed…
Read More
Breaking Property News 19/12/24
Daily bite-sized proptech and property news in partnership with Proptech-X. High street Auctions’ initiative launches to revive Britain’s town centres This month the UK Government rolls out its highly anticipated ‘High Street Auctions’ scheme, a flagship measure of the Levelling Up and Regeneration Act 2023. This initiative grants local authorities the power to take…
Read More 
Moving Up In The World: Finding Your Dream Home
Finding your dream home is one of life’s most exciting and transformative experiences. Whether you’re looking to upsize, relocate, or finally purchase that ideal property you’ve always envisioned, the journey is both thrilling and filled with important decisions. As you embark on this path, it’s essential to plan carefully, consider your priorities, and approach the…
Read More