Huge Increase in Three Year Fixed Mortgage Products...

The number of three-year fixed mortgage products available from lenders has been rising over the last few months as borrowers coming to the end of their mortgage deal continue to try and navigate their next steps.

The number of three-year fixed products on the market has increased by 100 per cent since June.

According to financial market intelligence firm Defaqto, the number of fixed rate mortgage products available on the market today is over 2,500.

Number of mortgage products between June and September 2023

Date	House Purchase	First Time Buyer	Remortgage	TOTAL
05/06/2023	625	671	740	2036
03/07/2023	566	594	725	1885
07/08/2023	685	711	806	2202
04/09/2023	729	781	903	2413
28/09/2023	775	827	957	2559

These figures are based on the best fixed rates widely available on a loan of £150,000 (excludes any restricted products).

The number of 3-year fixed mortgages meanwhile has risen from 196 in June to 337 today (28 September) - an increase of 100%.

Number of two-year, three-year and five-year fixed mortgages available

Date	2 Year-fixed	3 Year-fixed	5 Year-fixed
05/06/2023	811	196	1029
03/07/2023	724	264	897
07/08/2023	830	325	1047
04/09/2023	913	337	1163
28/09/2023	966	393	1200

Katie Brain, consumer banking expert at Defaqto, adds: “Some borrowers might be viewing a three-year fixed term mortgage as the balance they need in order to still get a slightly preferential rate but without the same level of commitment as longer deals. With such volatility in the market place it’s still extremely difficult for people to predict what would serve them best but having increased options from lenders is positive for homeowners.”