Six to 10-year fixed rate popularity falls to record low

New data from Twenty7tec reveals UK mortgage borrowers are ditching long-term commitment in favour of short-term flexibility.

The platform reports that in July, the shortest fixed rate deals became the most popular on record – while six-to-ten-year options fell to their lowest level ever.

Searches for 10-year fixed mortgage deals have fallen by 43.29% since May. Meanwhile, short-term fixes are booming, with two-year and under fixed rate products reaching their highest ever share of the market – now accounting for more than half (52.04%) of all fixed mortgage searches.

The changes mark a clear shift in sentiment – where uncertainty around rates once had borrowers seeking stability, many are now playing the field instead of settling down.

In contrast, interest in longer-term stability has plummeted. Six-to-ten-year fixed mortgage searches now make up just 13.14% of the market – their lowest share ever. In real terms, volumes for this term length haven’t been this low since December 2023, and if you exclude that notoriously quieter month, you’d need to go back over four years to find such a slump.

This isn’t just a seasonal dip. Overall fixed mortgage search activity was down just 4% compared to June, showing that it’s not a quiet market – just a changing one. And year-to-date, there have actually been more fixed mortgage searches in 2025 than at the same point last year (12.68m vs 12.58m).

In addition, remortgage volumes were up 18.90% year-on-year. Fixes at the low rates of five years ago have now come to an end meaning more borrowers are entering the market. 

In fact, July 2025 is the busiest July on record for total mortgage search activity – 5% higher than the same month last year.

Lenders, too, are responding to this more dynamic market. The number of mortgage product variants available hit a record 26,008 at the end of July – the first time the market has offered more than 26,000 products. That’s 148 more options than just a month earlier, and up 0.57% month-on-month.

Nakita Moss, head of lender at Twenty7tec, said: “Borrowers don’t want to be locked in. They’re holding out for rate drops, and shorter fixes give them a chance to reassess sooner. That means more people are remortgaging, more are opting for short deals, and fewer are choosing to tie themselves in for the long haul.”

Nathan Reilly, commercial director, added: “We’re not seeing hesitation – we’re seeing calculation. People are watching interest  rates, reading the headlines, and being supported by advisers to opt for products that give them more short term flexibility. For advisers, it’s a market that demands up-to-date insight, customer knowledge, and a strong product match. For lenders, it’s about keeping options open."