Competition is currently intense on the UK housing market, and this is resulting in fixed rates reaching a record high. This is fortunate for first-time buyers, as they will be able to benefit from the intense competition that is going on by being offered much more acceptable rates. In the past month, Moneyfacts UK Mortgage Trends let out a Treasury Report that showed exactly 33 fixed rate mortgages were released in just one month alone.
- The numbers of fixed rate mortgages available in the UK across most tiers have gotten bigger than at any point since 2007.
- The total number of residential mortgages available is now just over 5,200, compared to just under 4,600 at this time last year.
- The brisk competition has driven rates downward and made things easier for first-time borrowers.
“The number of fixed rate residential mortgages available has reached a record high, as competition among lenders remains rife.”