Low deposit mortgage deals hit 17-year high

Availability of deals with a loan-to-value (LTV) of 95% rose to 442, while those with an LTV of 90% hit 845 – both metrics being at their highest point since March 2008.

Additionally, product choice rose month-on-month to 6,870 – an increase of more than 500 year-on-year, reaching their highest levels since October 2007.

However, average mortgage rates on overall two- and five-year fixed rates fell, albeit marginally, by 0.07% and 0.13% to 5.32% and 5.18% respectively. These decreases were smaller than the 0.13% and 0.10% recorded between February and March.

Alongside this, the average shelf-life of a mortgage product rose from 16 days to 21 days month-on-month.

Overall, since the start of April 2024, the average five-year fixed rate was 5.39%, while the average two-year fixed rate has fallen by 0.48% over the period – down from 5.80% to 5.32%.