Nick Cheek

Average mortgage rates across all loan to value (LTV) tiers have continued their downward trend, a report has found. According to Rightmove, the average five-year fixed mortgage rate is now 4.64 per cent, down from 4.77 per cent a year ago. The average two-year fixed mortgage rate stands at 4.97 per cent, a decrease from 5.10 per cent a year ago. At 60 per cent LTV, the average two-year fixed rate is 4.41 per cent, with the lowest rate at 4.17 per cent.

Around 1.1 million households will see a mortgage hike before a potential general election in November. According to research by the Liberal Democrats, which used Financial Conduct Authority (FCA) data, 1.1 million fixed rate terms will end between February and October, and of these, 700,000 fixed rate mortgages will expire between May and October. A typical homeowner will have seen their monthly mortgage interest payments go up by £240, equivalent to a 39% rise.