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Of those who remortgaged in May, nearly two-thirds of borrowers chose a five year product, according to the latest LMS Monthly Remortgage Snapshot. Compared to April, this figure has increased by almost 10%. Like other sectors, average rates for a five year fixed mortgage have been increasing. In April the average rate for a five year fixed account was 3.01%, and as of June this figure is now 0.36% more, according to Moneyfacts data.
Of those who remortgaged in May, nearly two-thirds of borrowers chose a five year product, according to the latest LMS Monthly Remortgage Snapshot.
Each week the moneyfacts.co.uk content team round up the very best mortgage rates available in the UK. Compare and apply today.
Each week the moneyfacts.co.uk content team round up the very best mortgage rates available in the UK. Compare and apply today.
The average house price in the UK has increased by 16.8% since the start of the pandemic, according to Halifax. It now means that housing affordability is at the lowest level on the bank’s records. “Soaring property prices and slower wage growth have combined to stretch traditional measures of housing affordability,” said Andrew Asaam, Mortgages Director at Halifax. In comparison, the average wage growth in the UK since the pandemic began is set at 2.7%. Today, the cost of a typical UK home is over seven times more expensive than the average annual earnings.
The average house price in the UK has increased by 16.8% since the start of the pandemic, according to Halifax.
Of those who remortgaged in May, nearly two-thirds of borrowers chose a five year product, according to the latest LMS Monthly Remortgage Snapshot. Compared to April, this figure has increased by almost 10%. Like other sectors, average rates for a five year fixed mortgage have been increasing. In April the average rate for a five year fixed account was 3.01%, and as of June this figure is now 0.36% more, according to Moneyfacts data.
Of those who remortgaged in May, nearly two-thirds of borrowers chose a five year product, according to the latest LMS Monthly Remortgage Snapshot.
Each week the moneyfacts.co.uk content team round up the very best mortgage rates available in the UK. Compare and apply today.
Each week the moneyfacts.co.uk content team round up the very best mortgage rates available in the UK. Compare and apply today.
The average house price in the UK has increased by 16.8% since the start of the pandemic, according to Halifax. It now means that housing affordability is at the lowest level on the bank’s records. “Soaring property prices and slower wage growth have combined to stretch traditional measures of housing affordability,” said Andrew Asaam, Mortgages Director at Halifax. In comparison, the average wage growth in the UK since the pandemic began is set at 2.7%. Today, the cost of a typical UK home is over seven times more expensive than the average annual earnings.
The average house price in the UK has increased by 16.8% since the start of the pandemic, according to Halifax.
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