According to figures from Moneyfacts, the average two-year fixed rate at 90% LTV stands at 5.24%, which is the lowest point since September 2022, when the price was 4.27%.
On the 95% LTV side, the average two-year fixed rate comes to 5.41%, which is also the lowest point since September 2022, when pricing stood at 4.51%
The report added that the availability of deals at the 95% LTV tier rose to 465 options, the highest count since March 2008, which sat at 575 deals.
The report noted that overall average two- and five-year fixed rates have contracted by 0.04% and 0.01% to 4.94% and 5.01% respectively. This comes after pricing increases in the prior month for the first time since February.
Moneyfacts added that short-term fixed rates have experienced sharper falls over the year, with the average two-year fixed rate having fallen by 0.45% since November last year to 4.94%.
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This compares to the average five-year fixed rate, which was 5.09% at the start of November 2024 and had decreased to 5.01% at the start of November 2025.
| Mortgage market analysis | ||||||
| Nov 2023 | Nov 2024 | May 2025 | Oct 2025 | Nov 2025 | ||
| Fixed and variable rate products | Total product count – all LTVs | 5,678 | 6,402 | 6,993 | 6,998 | 6,918 |
| Product count – 95% LTV | 254 | 358 | 462 | 453 | 465 | |
| Product count – 90% LTV | 709 | 748 | 876 | 909 | 897 | |
| Product count – 60% LTV | 619 | 758 | 786 | 790 | 787 | |
| All products | Shelf life (days) | 20 | 17 | 19 | 22 | 21 |
| All LTVs | Average two-year fixed rate | 6.29% | 5.39% | 5.18% | 4.98% | 4.94% |
| Average five-year fixed rate | 5.86% | 5.09% | 5.1% | 5.02% | 5.01% | |
| 95% LTV | Average two-year fixed rate | 6.55% | 5.83% | 5.63% | 5.46% | 5.41% |
| Average five-year fixed rate | 5.93% | 5.4% | 5.58% | 5.44% | 5.41% | |
| 90% LTV | Average two-year fixed rate | 6.25% | 5.7% | 5.42% | 5.27% | 5.24% |
| Average five-year fixed rate | 5.91% | 5.24% | 5.24% | 5.18% | 5.16% | |
| 60% LTV | Average two-year fixed rate | 5.94% | 4.86% | 4.65% | 4.52% | 4.43% |
| Average five-year fixed rate | 5.47% | 4.66% | 4.58% | 4.68% | 4.67% | |
| All LTVs | Standard variable rate (SVR) | 8.19% | 7.95% | 7.58% | 7.27% | 7.27% |
| All LTVs | Average two-year tracker rate | 6.15% | 5.71% | 5.16% | 4.67% | 4.66% |
| Data shown is as at the first available day of the month, unless stated otherwise. | ||||||
| Source: Moneyfacts Treasury Reports | ||||||
The average shelf life of a mortgage has decreased slightly from 22 days in the month prior to 21 days.
The average two-year tracker variable mortgage rate has fallen to 4.66%, while the average SVR has stayed at 7.27%.
Product choice has fallen month-on-month to 6,918 options.
Low-deposit borrowers will be ‘thrilled’ by pricing improvement but Budget rumours creating uncertainty
Rachel Springall, finance expert at Moneyfacts, said borrowers with a limited deposit of just 5% or 10% will be “thrilled to see the cost of a two-year fixed mortgage dip to a three-year low”, before the mini Budget in September 2022.
She added that the number of deals available to borrowers at 95% LTV has also improved, with the pool of deals at its highest count since 2008.
Springall continued: “The government has been very vocal that it expects lenders to do more to boost UK growth, so the rise in choice and drop in cost is a healthy step in the right direction. However, deals at 95% LTV only represent 7% of the residential mortgage market, so there is more room for improvement. Despite these moves, there will be borrowers who feel stuck due to a lack of supply in affordable housing.”
She added that there was positive news around mortgage pricing improving, with the average two-year fixed mortgage rate having been 6.29%, compared to 4.94% now. This is a difference of £203 per month in repayments on a £250,000 mortgage over 25 years.
“There will also be millions of borrowers who secured a cheap five-year fixed rate back in 2020, who are due to refinance, so they do need to prepare themselves for higher mortgage repayments. Seeking advice to assess the latest deals and not to fall onto the revert rate is essential, particularly as the average SVR is 7.27%.
“It is worth noting that lenders are already working hard to price down their mortgages to entice new business as part of their end-of-year targets, supported by recent falls in swap rates. In addition, even existing borrowers can choose to lock into a new rate around six months before their current deal ends in most cases,” Springall noted.
She said the Autumn Budget on 26 November is causing borrowers to adopt a ‘wait-and-see’ approach.
“So far, the rumour mill has spun out a variety of ideas [that] could impact borrowers from different ends of the market. On one hand, the idea to abolish stamp duty land tax and an introduction of a new way of taxing could work in favour of first-time buyers, saving them thousands of pounds upfront, helping them get that crucial first step on the property ladder.
“However, like a double-edged sword, creating a new property tax that puts the burden on sellers could lead to homeowners refusing to move, hitting supply. Supply could worsen if capital gains tax exemptions on primary residences is removed and if the yearly tax levy dubbed the ‘mansion tax’ becomes a reality. It is essential borrowers seek advice before they make any quick decisions and not feel rushed because of the Budget rumour mill,” Springall concluded.
