The industry has responded positively to the latest lending figures from Rightmove’s weekly mortgage tracker.
The current average asking price of a typical first-time buyer property is £225,340. For someone taking out an average five-year fixed, 85% LTV mortgage, the average monthly mortgage repayment on this type of home is now £1,104 per month if repaying over 25 years, compared with £1,138 per month a year ago (when the average first-time buyer property asking price was £223,426).
Average rates for 2-year and 5-year fixed-rate mortgages
| Term | Average rate | Weekly change | Yearly change |
| 2-year fixed | 5.09% | +0.01% | -0.46% |
| 5-year fixed | 4.86% | +0.01% | -0.27% |
Lowest rates for 2-year and 5-year fixed-rate mortgages
| Term | Lowest rate | Weekly change | Yearly change |
| 2-year fixed | 4.22% | +0.00% | -0.53% |
| 5-year fixed | 4.14% | +0.00% | -0.22% |
Updated: 28 Nov 2024
Average fixed-term mortgage rates for home-buyers with 5-10% deposits
| Loan to Value (LTV) | Term | Avg rate 21 Nov 2024 |
Avg rate 28 Nov 2024 |
Weekly Change | Yearly Change |
| 95% | 2-year-fixed | 5.65% | 5.65% | +0.00% | -0.30% |
| 95% | 5-year-fixed | 5.34% | 5.33% | -0.01% | -0.17% |
| 90% | 2-year-fixed | 5.49% | 5.49% | +0.00% | -0.29% |
| 90% | 5-year-fixed | 5.07% | 5.07% | +0.00% | -0.21% |
Average fixed-term mortgage rates for home-buyers with 15-25% deposits
| Loan to Value (LTV) | Term | Avg rate 21 Nov 2024 |
Avg rate 28 Nov 2024 |
Weekly Change | Yearly Change |
| 85% | 2-year-fixed | 5.09% | 5.10% | +0.01% | -0.58% |
| 85% | 5-year-fixed | 4.85% | 4.86% | +0.01% | -0.35% |
| 75% | 2-year-fixed | 4.83% | 4.87% | +0.04% | -0.51% |
| 75% | 5-year-fixed | 4.70% | 4.74% | +0.04% | -0.30% |
Average fixed-term mortgage rates for home-buyers with 40% deposits
| Loan to Value (LTV) | Term | Avg rate 21 Nov 2024 |
Avg rate 28 Nov 2024 |
Weekly Change | Yearly Change |
| 60% | 2-year-fixed | 4.37% | 4.38% | +0.01% | -0.52% |
| 60% | 5-year-fixed | 4.31% | 4.32% | +0.01% | -0.23% |
Adrian Brewer, head of later life at said:
“The market should feel extremely encouraged by these figures, especially bearing in mind the series of reasons that borrowers have had to delay financial decision-making. The election, the Budget, the Bank of England’s decisions around interest rates and so on have all factored into making 2024 a challenging year for the mortgage market, and yet UK Finance figures have shown consistent quarterly increases in later life mortgage lending this year, which is great news for our sector.
“I expect that when the dust has settled on the oscillations of 2024, we’ll see a significant further pick-up in lending in 2025.”
Simon Webb, managing director of capital markets and finance at LiveMore commented:
“The Q3 2024 later life mortgage lending figures paint an increasingly positive picture for older borrowers, with sustained growth quarter-on-quarter in residential loans. The £5.2bn advanced this quarter marks a 9.7 per cent year-on-year increase, reflecting a growing recognition of the financial needs and aspirations of borrowers aged 50 and over. When compared to Q2’s £5bn and Q1’s £4.3bn, the consistent uplift in lending volume is a testament to the sector’s resilience and evolution.
“The recent All Party Parliamentary Group (APPG) report on the Financial Conduct Authority’s treatment of mortgage prisoners further underscores the need for tailored solutions in the market. Thousands of over-50s remain stuck on high-cost loans, often due to traditional affordability criteria that don’t account for their financial realities. This is a deeply concerning issue, with far-reaching effects on borrowers’ financial, physical, and emotional well-being. At LiveMore, we take our responsibility to this group seriously. Many of our customers previously believed they had no options, but we’ve helped them access fairer, more sustainable products. The LiveMore Mortgage Matcher® helps brokers identify suitable solutions for borrowers at term-end or those feeling trapped on high rates. By addressing these challenges head-on, we aim to provide a pathway to financial stability and peace of mind for borrowers, enabling them to achieve their life goals.”
