Average mortgage rate remains historically low

The cost of borrowing remains historically low according to new data released by the Bank of England, the average mortgage rate just 2.09%.

This rate has remained unchanged since the start of 2021, with gross mortgage lending in March hitting its highest ever monthly total at £35.6 billion.

Mortgage approvals remain over 20% higher than the long term (5 year average), as interest in moving home continues.

The UK base rate has now remained at 0.1% for over a year. With inflation remaining significantly below target and the economy still in recovery there is little evidence this will change imminently.