Mortgage lending metrics

• Mortgage borrowers on fixed rates have already escaped the worst of the interest rate rises and the direction of travel for rates is currently downwards.

• But 1.5 million homeowners will come to the end of their fixed-rate mortgage deals in 2024 and at the moment there still remains a wide gulf between the interest rates on new lending (gross advances) and existing lending (balances outstanding).

• On latest data the average fixed rate for new lending was 4.73% whilst the average for existing borrowers was 2.76% (data to end Q3).

• These borrowers will almost certainly face an uplift in their monthly mortgage costs but it is worth shopping around for deals because, unless there is a dramatic change, swap rates and mortgage rates are on a downward trend. Source: #Dataloft, Investing.com, Bank of England, FCA