Mortgage Choice Improves as Fixed Rates Continue to Fall

There has been further positive news for home buyers, with the number of mortgage products available increasing for the third consecutive month. Lenders are continuing to return to the market following the disruption seen earlier this year, giving buyers more choice when arranging finance.

Average fixed mortgage rates have also continued to edge down, with both two and five-year fixed deals now at their lowest average levels since March. Buyers with a 10% deposit have seen a noticeable improvement in the range of mortgages available, although options remain more limited for those purchasing with just a 5% deposit.

Lower mortgage rates and increased competition between lenders should help improve affordability for many buyers, which is encouraging news for anyone looking to move home.

That said, the wider economic outlook remains important. Future inflation figures and any changes to the Bank of England base rate could influence mortgage pricing over the coming months, so borrowers should continue to seek independent mortgage advice before making any decisions.

At One Agency Estate Agents, we'll continue to keep a close eye on the property market and share updates that may affect buyers and sellers across Stoke-on-Trent and the surrounding areas.

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