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Crisis? - What Crisis? Surge in mortgages in 100 days since Brexit

Research from the consumer organisation Which? suggests that the number of mortgages on the market has increased by 13 per cent in the 100 days since the EU referendum result was announced on June 24. 

At the end of September there were 5,366 mortgage deals available, compared with 4,736 in June. Despite pre-referendum fears that inflation could lead to pricier mortgages, Which? claims deals have actually become cheaper following the Bank of England's decision to cut the base rate in August. 

The average mortgage rate on offer fell from 2.99 per cent at the start of June to 2.85 per cent at the end of September, according to the group’s analysis of Moneyfacts data.  

Availability has also improved for first-time buyers and those looking to remortgage. 

At the end of September there were 245 deals available to first-time buyers with 5.0 per cent deposits, seven more than in June. The number of 80 per cent mortgages available to first-time buyers increased from 516 in June to 609 at the end of September.

Furthermore, the interest rate on 95 per cent mortgages for first-time buyers has dropped by 0.13 percentage points to 4.14 per cent since the Brexit vote. 

The average first-time buyer rate on an 80 per cent mortgage has decreased by 0.1 percentage points to 2.84 per cent. Existing homeowners are also seeing more and better deals made available to them. 

The number of 60 per cent mortgages available to those looking to remortgage increased from 345 in June to 421 in September, and the average rate decreased by 0.07 percentage points to 2.23 per cent.

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