Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.

Residential Mortgage Product Options Exceed 7,000 for First Time Since March

UK residential mortgage product choice has risen above 7,000 options for the first time since March 2026, according to Moneyfacts data. The Moneyfacts UK Mortgage Trends Treasury Report shows that nearly 350 more mortgage options have returned since the start of May 2026.

The report highlights that mortgage product churn continued throughout May, with the average shelf-life of a mortgage deal now at 15 days, one day fewer than the previous month. Fixed mortgage rates have dropped for a second consecutive month, with the average two-year fixed rate experiencing its largest monthly fall in over a year.

Since the start of May, the average two-year fixed rate fell by 0.10% to 5.68%, and the average five-year fixed rate dropped by 0.05% to 5.63%. The Moneyfacts Average Mortgage Rate decreased by 0.07% to 5.59%, down from 5.66% in May 2026, though it remains higher than the 4.90% recorded at the start of March.

For 95% loan-to-value (LTV) mortgages, the average two- and five-year fixed rates dipped slightly month-on-month, by 0.10% and 0.04% respectively, to 6.23% and 6.02%. Fixed rates remain lower than the average standard variable rate (SVR), which stands at 7.13%. This SVR is down by 0.35% year-on-year from 7.48%, with the highest recorded SVR being 8.19% during November and December 2023.

The report also notes that the volatility in swap rates has eased, and the average shelf-life of a mortgage deal is now 15 days, compared to just eight days at the start of April.

These developments in mortgage product availability and rates may be relevant for UK letting agents and inventory clerks monitoring market trends and rental sector activity.