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Average five-year mortgage fix reaches three-year high at 6%


By Dan McGrath

The average five-year mortgage fix has reached 6%, the highest rate since September 2023, Moneyfacts has revealed.

The latest data revealed that the number of sub-5% fixed mortgage deals in the UK has dropped by 99% in September, from 1,494 deals at the start of the month to just nine yesterday


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Remortgage searches jump 44% in September

Residential remortgage searches increased by 44% year-on-year in September as borrowers returned to the market following a subdued summer period, Twenty7tec has revealed

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Only one in six expect to fully retire, study finds

The era of the traditional 'hard stop' retirement may be fading, as just 16% of UK adults expect to stop work completely and enter full retirement, according to research from Aegon’s Second 50 campaign

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8.6 million unadvised adults hold £1.21trn of investable assets

Around 8.6 million people in the UK aged between 35 and 70 have £20,000 or more in investable assets but are not paying for advice, research from The Lang Cat has found

Gap between house prices and earnings narrows as borrowing costs limit gains

The UK’s house price to income ratio has fallen to an 11-year low, from 7.6 to 7.3, as earnings continue to outpace house price growth, but mortgage cost increases remain a hurdle for many buyers, Lloyds has found.

The bank’s Affordability Review showed that the national average property price increased by 0.5% over the last year to £299,131, while average earnings rose by 4.5% to £40,790, narrowing the gap between house prices and earnings

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Half of Brits want to abolish IHT

Over half (56%) of the British public now want a complete abolition of inheritance tax (IHT), compared to 54% last year and 49% two years ago, Kingsley Napley has found
Retirement income expectations vary sharply by age and region

UK adults believe they need an average after-tax household income of £42,456 a year to feel financially secure in retirement, but expectations vary significantly by age and region, according to new research

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Pension lump sum withdrawals risk damaging retirement incomes

Over three-quarters of people aged 55 to 64 say they have already taken the tax-free lump sum from their pension, with many spending the money on discretionary purchases rather than retirement costs, AJ Bell has found

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Half of Brits want to abolish IHT

Over half (56%) of the British public now want a complete abolition of inheritance tax (IHT), compared to 54% last year and 49% two years ago, Kingsley Napley has found

HNWIs confidence falls amid new Govt tax policies

Confidence among UK high-net-worth individuals (HNWIs) is continuing to weaken as fears over government tax and wealth policy is increasingly shaping how families protect and pass on their assets, Saltus has stated

Gen X pension withdrawals risk unexpected tax bills

More than 300,000 people aged 55 to 64 fully emptied their pension pots when first accessing them in the year to March, potentially exposing themselves to unexpected tax bills, according to analysis by financial advice firm NFU Mutual

Almost half of UK adults would support introduction of wealth tax at Budget

Over two in five (44%) people in the UK would support the introduction of a wealth tax as a percentage of total assets, while only 23% of people are against it, research from AJ Bell has found

FCA joins industry and consumer groups to boost protection insurance uptake

The Financial Conduct Authority (FCA) is teaming with industry, government and consumer groups to encourage more people to consider protection insurance, after finding that around 58% of UK adults have no life insurance, critical illness cover or income protection

Restore Britain unveils plan to abolish FCA/PRA in their current form

Restore Britain has unveiled a plan to abolish the FCA and the PRA in their current form

More than one in 20 financial services complaints take over eight weeks to resolve

More than a fifth of complaints made to financial services firms take at least eight weeks to resolve, according to analysis by Huntswood of the latest FCA complaints data

FCA secures majority of victims’ money back from convicted fraudster

Victims of convicted fraudster, John Burford, are set to recover most of the money they invested after the FCA obtained a confiscation order against him

Savings accounts earning 1.5% or less reach £327bn

UK savings accounts earning 1.5% or less in interest currently hold a collective £327bn, Spring has revealed

Britons feel unprepared for financial shocks, study finds

Almost half of Britons feel financially unprepared for major life events, despite recognising the importance of long-term financial planning, according to new research

Building societies pay £2.1bn extra in interest in 2025

Building societies paid savers an extra £2.1bn in interest in 2025 compared with average rates offered by the UK’s largest banks, Moneyfacts has found

£85.5bn languishes in outdated cash ISAs

£85.5bn is held in instant-access cash ISAs opened before 2020, with savers earning an average interest rate of just 1.94%, according to analysis from Skipton Building Society. The analysis of CACI Current Savings Database stock data for June 2026 found that the £85.5bn held across adult instant-access ISAs opened between 2000 and 2019 could generate almost £1.7bn more interest a year if it were earning 3.90%, equivalent to Skipton’s highest-paying easy-access ISA rate at the time of the analysis

Pension lump sum withdrawals risk damaging retirement incomes

Over three-quarters of people aged 55 to 64 say they have already taken the tax-free lump sum from their pension, with many spending the money on discretionary purchases rather than retirement costs, AJ Bell has found

Retirement income expectations vary sharply by age and region

UK adults believe they need an average after-tax household income of £42,456 a year to feel financially secure in retirement, but expectations vary significantly by age and region, according to new research

Cognitronics pension scheme secures £1.7m buy-in with Aviva

The Cognitronics Limited Pension and Life Assurance Scheme has secured a £1.7m buy-in with Aviva, covering the benefits of eight deferred members

More than 34m UK adults face retirement savings vulnerability

More than 34 million UK adults, or 62% of the population, could face a major life event or financial challenge that seriously affects their retirement savings, Scottish Widows has warned

8.6 million unadvised adults hold £1.21trn of investable assets

Around 8.6 million people in the UK aged between 35 and 70 have £20,000 or more in investable assets but are not paying for advice, research from The Lang Cat has found

Brokers flag funding access concerns under new PM

Demand for external funding among small and medium-sized businesses increased in the second quarter, but a quarter of brokers expected businesses to become less inclined to seek external funding under Prime Minister Andy Burnham, Atom bank has found

ONS revises Q2 economic growth upwards

The UK economy grew faster than previously thought in the second quarter, after the Office for National Statistics (ONS) revised its previous estimate from 0.4% to 0.5% between April and June

PM confirms triple lock will become ‘annual double lock’ after next general election

The state pension triple lock will be replaced with an "annual double lock" after the next general election, Prime Minister, Andy Burnham, has announced, with the earnings link removed from the annual uprating mechanism as part of plans to fund a new National Care Service. Speaking at the Labour Party Conference today, Burnham confirmed that the existing triple lock would remain in place for the rest of this parliament, but would be changed from April 2030 if Labour wins the next general election

AI poised to reshape workplace pensions

Artificial intelligence is poised to reshape the UK defined contribution (DC) pensions market, with employers increasingly looking to use the technology to improve member communications, engagement and retirement outcomes, according to a new WTW survey

AI will raise speed expectations for letting agents

Artificial intelligence is more likely to replace individual tasks than letting agents themselves, but the technology will raise expectations for faster service, smarter decision-making and greater efficiency across the lettings sector, Propoly has argued

Almost half of Gen Z say AI has changed their mind about a decision

Almost half of Gen Z adults say AI has influenced a decision they made, and a majority trust the technology, with AI playing a growing role in shaping personal and financial choices, according to research commissioned by Aegon

Financial services businesses risk ‘AI invisibility’ by ignoring reviews

The financial services sector is facing a "critical strategy-action gap" that puts many firms at risk of losing market share because they are becoming invisible in the AI answers consumers are using to make decisions, TrustPilot has stated

News in brief - 6 October 2026

Today's round up of developments coming out of the consumer finance space, featuring Paragon Bank, Gatehouse Bank, District & County Investments and One Mortgage System

Only one in six expect to fully retire, study finds

The era of the traditional 'hard stop' retirement may be fading, as just 16% of UK adults expect to stop work completely and enter full retirement, according to research from Aegon’s Second 50 campaign

News in brief - 5 October 2026

Today's round up of developments coming out of the consumer finance space, featuring Hampshire Trust Bank, Aspen, Simplybiz Mortgages and the Financial Intermediary & Broker Association

News in brief - 2 October 2026

Today's round up of developments coming out of the consumer finance space, featuring 365 Finance, Scottish Friendly and Stonebridge

Alan Ritchie: Looking to the future for Equity Release

Royal London Equity Release's CEO explores property wealth’s role in retirement planning

BLOG: Are added-value services the key to engaging clients in protection?

Scottish Widows Protection Director, Rose St Louis, discusses how reframing protection conversations can help to engage clients

BLOG: Award-winning lending, built brick by brick

Saffron for Intermediaries discusses its latest lending offering on the MoneyAge blog

BLOG: Doing Good is Good Business

MoneyAge Awards winner Bespoke Advice discusses the key fundamentals of good financial planning in our latest blog piece

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Delivering A Consumer-Focused Later Life Lending Sector for 2026 and Beyond

Later Life Lending: It’s more than just equity release or retirement interest only (RIO)

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The new episode of The Mortgage Insider podcast, out now
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In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.

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