Fixed Mortgage Rates Fall to Lowest Level Since February: What This Means for Isleworth TW7 buyers
11 September, 2024- Blog
In a significant shift for the housing market, fixed mortgage rates have recently fallen to their lowest level since February. This development is particularly relevant for homebuyers and current homeowners in Isleworth, who are seeing a positive change in their borrowing costs.
For those in Isleworth, a town known for its charming mix of suburban tranquility and urban convenience, this drop in fixed mortgage rates comes as a welcome relief. Whether you’re a first-time buyer looking to settle in one of Isleworth's attractive residential areas or a current homeowner considering refinancing, the lower rates could present an excellent opportunity to make more affordable financial decisions.
The current trend shows that the average fixed mortgage rate has decreased, which can translate into significant savings over the life of a mortgage. For Isleworth residents, this means that now might be an opportune time to explore mortgage options, whether you’re looking to purchase a new property or refinance an existing loan.
The overall average two- and five-year fixed rates fell between the start of August and the start of September, to 5.56% and 5.20% respectively. The average two-year fixed rate is 0.36% higher than the five-year equivalent. The two-year fixed rate has now been higher than the five-year equivalent since October 2022.
The average two-year tracker variable mortgage fell slightly to 5.68%.
The average ‘revert to’ rate or Standard Variable Rate (SVR) fell to 7.99%. In comparison, the highest recorded was 8.19% during November and December 2023.
Product choice overall fell slightly month-on-month, to 6,523 options.
The average shelf-life of a mortgage product rose to 21 days, up from 17 days a month prior.
| Mortgage market analysis | ||||||
| Sep-22 | Sep-23 | Mar-24 | Aug-24 | Sep-24 | ||
| Fixed and variable rate products | Total product count – all LTVs | 3,890 | 5,338 | 6,004 | 6,657 | 6,523 |
| Product count – 95% LTV | 274 | 243 | 318 | 353 | 348 | |
| Product count – 90% LTV | 513 | 632 | 761 | 758 | 747 | |
| Product count – 60% LTV | 471 | 532 | 677 | 755 | 748 | |
| All products | Shelf-life (days) | 28 | 15 | 15 | 17 | 21 |
| All LTVs | Average two-year fixed rate | 4.24% | 6.70% | 5.76% | 5.77% | 5.56% |
| Average five-year fixed rate | 4.33% | 6.19% | 5.34% | 5.38% | 5.20% | |
| 95% LTV | Average two-year fixed rate | 4.51% | 6.91% | 5.99% | 6.17% | 6.03% |
| Average five-year fixed rate | 4.51% | 6.25% | 5.46% | 5.67% | 5.56% | |
| 90% LTV | Average two-year fixed rate | 4.27% | 6.66% | 5.99% | 5.98% | 5.85% |
| Average five-year fixed rate | 4.24% | 6.04% | 5.49% | 5.47% | 5.34% | |
| 60% LTV | Average two-year fixed rate | 3.92% | 6.43% | 5.23% | 5.25% | 5.02% |
| Average five-year fixed rate | 4.03% | 5.91% | 4.86% | 4.88% | 4.70% | |
| All LTVs | Standard Variable Rate (SVR) | 5.40% | 8.09% | 8.18% | 8.16% | 7.99% |
| All LTVs | Average two-year tracker rate | 3.33% | 6.25% | 6.15% | 5.95% | 5.68% |
Oakhill would advise potential buyers and current homeowners to consider taking advantage of these lower rates before any potential fluctuations. With Isleworth's appealing mix of amenities, green spaces, and excellent transport links, this could be the perfect moment to make a move in the property market.
In summary, the recent drop in fixed mortgage rates represents a favorable development for those in Isleworth. It’s an excellent opportunity to consider your options and potentially secure a more advantageous mortgage rate.
For personalized advice and insights, consulting with Oakhill Estate Agents could provide tailored recommendations to help you make the most of this advantageous market condition.
For the most specific and up-to-date data, speak to one of our experts at Oakhill.