The number of three-year fixed mortgage products available from lenders has been rising over the last few months as borrowers coming to the end of their mortgage deal continue to try and navigate their next steps.
The number of three-year fixed products on the market has increased by 100 per cent since June.
According to financial market intelligence firm Defaqto, the number of fixed rate mortgage products available on the market today is over 2,500.
Number of mortgage products between June and September 2023
|
Date
|
House Purchase
|
First Time Buyer
|
Remortgage
|
TOTAL
|
|
05/06/2023
|
625
|
671
|
740
|
2036
|
|
03/07/2023
|
566
|
594
|
725
|
1885
|
|
07/08/2023
|
685
|
711
|
806
|
2202
|
|
04/09/2023
|
729
|
781
|
903
|
2413
|
|
28/09/2023
|
775
|
827
|
957
|
2559
|
These figures are based on the best fixed rates widely available on a loan of £150,000 (excludes any restricted products).
The number of 3-year fixed mortgages meanwhile has risen from 196 in June to 337 today (28 September) – an increase of 100%.
Number of two-year, three-year and five-year fixed mortgages available
|
Date
|
2 Year-fixed
|
3 Year-fixed
|
5 Year-fixed
|
|
05/06/2023
|
811
|
196
|
1029
|
|
03/07/2023
|
724
|
264
|
897
|
|
07/08/2023
|
830
|
325
|
1047
|
|
04/09/2023
|
913
|
337
|
1163
|
|
28/09/2023
|
966
|
393
|
1200
|
Katie Brain, consumer banking expert at Defaqto, adds: “Some borrowers might be viewing a three-year fixed term mortgage as the balance they need in order to still get a slightly preferential rate but without the same level of commitment as longer deals. With such volatility in the market place it’s still extremely difficult for people to predict what would serve them best but having increased options from lenders is positive for homeowners.”
