“Lenders will need to carefully balance their pricing and consider any end-of-year targets they expect to hit.”
Two-year and five-year fixes
Additionally, the overall two-year and five-year fixed rates fell between the start of October and the start of November, to 6.29 per cent and 5.86 per cent respectively.
This represents the lowest point since June of this year.
The average two-year fixed rate stands at 0.43 per cent higher than the average five-year equivalent, a narrower gap than the 0.50 per cent difference last month.
Springall additionally stated that, year-on-year, the market has seen “substantial” recovery when it comes to choice.
However, she acknowledged that there is “still more room for improvement” for those borrowers waiting for fixed rates to fall further before they secure a new deal.
“It is imperative that borrowers approach their lender for support if they are struggling to keep up with repayments and seek independent advice to go through all the options available to them,” she added.
Thanks to the Newspage community for sharing their thoughts with FTAdviser.
tom.dunstan@ft.com
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