A £200 monthly overpayment on a 40-year mortgage could reduce the term by nearly 13 years and save more than £123,000, according to research from Moneyfacts.

In 2024, over 30,000 borrowers aged over 36 opted for mortgage terms of 35 years or more.

Average UK rents have increased by £221 per month since 2022.

Lenders have begun reducing rates despite no change in the base rate.

Rates start at 5.09% for two-year fixed terms.

Shared Ownership rates now start from 4.24%, up to 95% loan to share.

Three-year remortgage fixed rate now at 4.44% with £500 cashback option.

The announcement follows the launch of Portfolio Edge, a dual-structured term and bridging facility for landlords.

The average LTV for new first-time buyer mortgages in England rose from 74.7% to 77.1% between Q1 2024 and Q1 2025.

400,610 mortgage searches took place in the week before the 19 June decision