30 July, 2025
As we head into the second half of summer, mortgage rates continue to fall (albeit at a slow pace) – 2-year fixed rates are as low as 3.73% - the lowest it has been since the end of 2022. We are hopeful that there will be further reductions to rates on the horizon, especially given the Bank of England have signalled a further base rate cut in August. The availability of mortgage products is the highest it has been since 2008, with 442 products at 95% loan to value and 845 products at 90% loan to value – affordability testing has also continued to loosen with average borrowing capacity increasing by 20% compared to last summer – all of this has meant that mortgage lending has continued to remain robust (mortgage sales are up 3.1% compared to last year) and we expect these positive signals to continue well into the autumn.
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