Rightmove’s weekly mortgage tracker 11th July 2024

July 11, 2024
Rightmove logo

Headlines

 

  • The average 5-year fixed mortgage rate is now 4.97%, down from 5.91 % a year ago
  • The average 2-year fixed mortgage rate is now 5.35%, down from 6.42% a year ago
  • The average 85% LTV 5-year fixed mortgage rate is now 4.97%, down from 5.90% a year ago
  • The average 60% LTV 5-year fixed mortgage rate is now 4.35%, down from 5.78% 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 £1,128 per month, down from £1,228 per month a year ago

 

Latest rates data

 

LTV

(loan to value)

  

Term

 

 Average rate 11th July 2024 Lowest rate 11th July 2024 Average rate

a year ago

 

95%

 

 2 year fixed 6.12% 5.54% 6.93%
 

95%

 

 5 year fixed 5.67% 5.24% 6.23%
 

90%

 

 2 year fixed 5.63% 5.19% 6.51%
 

90%

 

 5 year fixed 5.14% 4.75% 5.99%

 

 

LTV (loan to value)

  

Term

 Average rate 11th July 2024 Lowest rate 11th July 2024 Average rate

a year ago

 

85%

 

 2 year fixed 5.36% 4.89% 6.40%
 

85%

 

  

5 year fixed

 

 4.97% 4.54% 5.90%
 

75%

 

  

2 year fixed

 5.18% 4.72% 6.24%
 

75%

 

  

5 year fixed

 

 4.82% 4.36% 5.73%
 

60%

 

  

2 year fixed

 

 4.78% 4.63% 6.24%
 

60%

 

  

5 year fixed

 4.35% 4.20% 5.78%

 

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 £227,757, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,128 per month if repaying over 25 years, compared with £1,228 per month a year ago (when the average first-time buyer property asking price was £226,412).

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.

You May Also Enjoy

Breaking News

Breaking Property News 3/6/26

Daily bite-sized proptech and property news in partnership with Proptech-X.   Oxford to Cambridge Growth Corridor launches shared vision to become a top-10 global innovation cluster Later today, at a major science and innovation conference hosted by Bidwells at Westminster’s QEII Centre, the Chancellor, Science Minister Lord Vallance and Housing Minister Matthew Pennycook will set out a…
Read More →
Estate Agent Talk

Refurbishment budget requirements approach £86,000

Jonathan Samuels, CEO of specialist lender, Octane Capital, believes that whilst refurbishment projects continue to offer some of the strongest value-add opportunities within the property market, investors must ensure they budget appropriately from the outset, with contingency planning often proving the difference between a successful project and one that stalls before completion. Octane Capital analysed average…
Read More →
Letting Agent Talk

Renting for Life: Six in Ten Tenants are Staying Longer Than They Ever Planned

Six in ten tenants across England and Wales are renting for longer than they ever planned to, according to new research from LRG. The Spring 2026 Lettings Report, which draws on responses from 650 landlords and tenants, found that 40% say they have been in the rental market for much longer than they expected, with…
Read More →
Estate Agent Talk

Keep Your Move on Track: Reducing the Risk of a Fall Through

Buying or selling a home is one of the biggest financial commitments most people will ever make. Unfortunately, not every agreed sale reaches completion. When a transaction collapses before contracts are exchanged, it is known as a “fall through”. Fall-throughs can be costly, causing delays, financial losses, and significant stress for everyone involved. Buyers may…
Read More →
to let sign 2025
Breaking News

London rents up just 0.7% since RRA became law

The latest research from London lettings and estate agent, Benham and Reeves, has revealed that rental growth across London has remained consistent since the Renters’ Rights Act received Royal Assent, with rents increasing by just 0.7% since, the same rate of growth seen during the equivalent period prior to October of last year. In fact,…
Read More →
Letting Agent Talk

Will RRA mean almost 50% of renters need a guarantor?

A surge in tenants who require a rent guarantor is coming to the post-RRA rental market   New analysis by Zero Deposit reveals that the proportion of local authority districts in which the average tenant is likely to need a rent guarantor to secure pass tenancy affordability checks could increase from one-in-five to almost one-in-two…
Read More →