Overall product choice of residential mortgages has risen above 7,000 options for the first time since March 2026, Moneyfacts data reveals.
Moneyfacts UK Mortgage Trends Treasury Report shows that mortgage product choice has seen almost 350 more options returning in the space of a month, since the start of May 2026.
Choice has now climbed back to over 7,000 options for the first time since the start of March 2026.
Data found that mortgage product churn continued throughout May, with the average shelf-life of a deal now at 15 days, one day fewer than the month prior.
It also reveals fixed mortgage rates dropped for a consecutive month, with the average two-year fixed rate seeing its biggest monthly fall in over a year.
Since the start of May, the average two-year fixed rate fell by 0.10%, and the average five-year fell by 0.05%, to 5.68% and 5.63%.
This is the second month of falls since rates shot up amid unrest over the future of interest rates.
The Moneyfacts Average Mortgage Rate fell by 0.07%, to 5.59%, down from 5.66% in May 2026 but the rate remains higher than at the start of March at 4.90%.
At 95% loan-to-value (LTV), 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 are still lower than the average ‘revert to’ rate or standard variable rate (SVR).
The average SVR remains at 7.13%, down by 0.35% year-on-year from 7.48%. The highest recorded was 8.19% during November and December 2023.
Moneyfacts finance expert Rachel Springall says: “It has now been three months since the conflict in the Middle East began which sent a shockwave of uncertainty across the markets. These events completely flipped the expected path of interest rate setting for 2026 and spooked lenders into pulling mortgage deals from sale.”
“Thankfully, the volatility surrounding swap rates has eased somewhat and the average shelf-life of a mortgage deal now stands at 15 days, on par with a month prior and a much more reasonable length compared to just eight days back at the start of April. The calming product churn will no doubt delight borrowers, brokers and lenders who are trying to keep abreast of latest deals to hit the market.”
