Is your fixed-rate mortgage is set to end?
March 20, 2023
So, what's the latest on mortgages in 2023?
So, what’s the latest on mortgages in 2023?
Whilst the days of low mortgage rates are over for now, the good news is that the cost of fixed-rate mortgages has begun to decline. The average interest rate on two-year fixed-rate deals is 5.79%, and for five-year deals, the average is 5.63%*. Some lenders are even beginning to offer sub 5% deals*.
If your fixed-rate mortgage is set to end in the coming months, we recommend re-mortgaging sooner rather than later as deals are currently available for an average of 15 days before lenders pull them. If you don’t have a new mortgage secured when your fixed-rate deal ends, you will automatically move to the standard variable rate which currently sits at 6.64%*.