Derin Clark

Derin Clark

Online Reporter
Published: 09/08/2019

This week it was revealed that fixed rate mortgage rates have changed significantly since they were first introduced 30 years ago, and even over the last 10 years the rates have halved. Today, competition in all the mortgage charts remains high.

The best moving home mortgage rates

 

Provider

Rate

Initial rate period

Product fee

NatWest

1.24% variable

Two years

£995

NatWest

1.28% fixed

Two years

£995

HSBC UK

1.59% fixed

Three years

£999

NatWest

1.72%   fixed

Five years

£995

 

The lowest rate available in the moving home mortgage chart this week came from NatWest offering a rate of 1.24% (3.8% APRC) variable until 31 October 2021, after which it reverts to 4.24%. This deal is available on a maximum 60% loan-to-value (LTV) and requires a minimum loan of £25,000 to a maximum of £2m. The product fees on this deal are £995 and it includes the incentive of £250 cashback. Overpayments are allowed.

For those looking for a two-year fixed rate mortgage, the lowest rate available this week was from NatWest offering a rate of 1.28% (3.8% APRC) fixed until 31 October 2021, which then reverts to 4.24%. This deal is for a maximum of 60% LTV and requires a minimum loan of £25,000 to a maximum of £2m. It charges £995 in product fees and includes the incentive of £250 cashback. Overpayments are allowed.

Within the three-year fixed rate chart, the lowest rate on offer that didn’t require a high income level came from HSBC offering a rate of 1.59% (3.6% APRC), which is fixed until 31 October 2022 and then reverts to 4.19%. This deal is for a maximum 60% LTV and requires a minimum loan of £10,000 to a maximum £5m. Borrowers should also be aware that a minimum income of £15,000 is required for this deal. It charges £999 in product fees and it includes the incentive of free valuation. Overpayments are also allowed.

Borrowers looking for a long-term fixed rate mortgage the lowest rate available in the five-year fixed rate chart that doesn’t require a high income level is from NatWest, offering a rate of 1.72% (3.3% APRC) that is fixed until 31 October 2024, after which it reverts to 4.24%. This deal is for a maximum 60% LTV and requires a minimum loan of £25,000 to a maximum of £2m. A total of £995 in product fees are charged and it includes the incentive of £250 cashback. Overpayments are allowed.

The best first-time buyer mortgage rates

Provider

Rate

Initial rate period

Product fee

Newcastle Building Society

2.59% fixed

Two years

£498

Marsden Building Society

2.89% fixed       

Three years

£0

Newcastle Building Society

2.90% fixed

Five years

£498

 

The lowest rate available this week to first-time buyers came from Newcastle Building Society, offering a rate of 2.59% (5.1% APRC) fixed until 31 October 2021, and then reverts to 4.49%. This mortgage is for a maximum 95% LTV and requires a minimum loan of £30,000, while the maximum is dependent on LTV. This deal charges £498 in product fees and while it doesn’t include any incentives, it does allow overpayments.

First-time buyers looking to lock their mortgage rate into a three-year deal could get the lowest rate this week from Marsden Building Society, offering a rate of 2.89% (5.4% APRC) fixed until 30 September 2022, which then reverts to 6.20%. This deal has a maximum 95% LTV, and it requires a minimum loan of £30,000 to a maximum of £350,000. Furthermore, this mortgage requires a minimum earned income of £20,000. There are no product fees charged and it includes the incentives of free valuation for properties valued to a maximum of £500,000. Overpayments are allowed.

In the five-year fixed rate chart, the lowest rate available that doesn’t require a deposit from a parent to be used as security, came from Newcastle Building Society which offers a rate of 2.90% (4.8% APRC) fixed until 31 October 2024, after which it reverts to 5.99%. This deal is for a maximum 95% LTV and requires a minimum loan of £30,000, while the maximum is dependent on LTV. It charges a total of £498 in product fees and, while there are no incentives, overpayments are allowed.

The best remortgage rates

Provider

Rate

Initial rate period

Product fee

Furness Building Society

1.29% discounted variable

Two years

£999

HSBC

1.34% fixed       

Two years

£999

HSBC

1.59% fixed

Three years

£999

Barclays Mortgage

1.74% fixed

Five years

£999

 

The lowest overall rate available in the remortgage chart this week came from Furness Building Society offering a discounted variable rate of 1.29% (5.2% APRC) for two years and then reverts to 5.79%. This mortgage is for a maximum 60% LTV and requires a minimum loan of £30,000, while the maximum is dependent on LTV. It charges £999 in product fees and comes with the incentive of free valuation (up to a maximum of £665) and free legal fees or £150 towards legal fees. Overpayments are allowed.

The lowest rate available in the two-year fixed rate chart that doesn’t require a high income comes from HSBC offering a rate of 1.34% (3.8% APRC) fixed until 31 October 2021. This mortgage is for a maximum 60% LTV and requires a minimum loan of £10,000 to a maximum of £5m. The product fees for this deal are £999 and it includes the incentive of free valuation and legal fees. Overpayments are allowed.

Homeowners looking to lock their mortgage into a three-year deal will find the lowest rate in this chart that doesn’t require a substantial minimum income is from HSBC, which is offering a rate of 1.59% (3.6% APRC) fixed until 31 October 2022, which then reverts to 4.19%. This mortgage is for a maximum 60% LTV and requires a minimum loan of £10,000 to a maximum of £5m. It has a product fee of £999 and comes with the incentives of free valuation and legal fees. Overpayments are also allowed.

Once again, the lowest rate on offer in the five-year fixed rate chart requires a significant minimum income, and as a result, the lowest rate available that does not require this comes from Barclays Mortgage. It is offering a rate of 1.74% (3.3% APRC), which is fixed until 31 October 2024 and then reverts to 4.24%. This mortgage is for a maximum 60% LTV and requires a minimum loan of just £5,000 to a maximum of £1m. It charges £999 in product fees and includes the incentives of free valuation and free legal fees or £400 cashback. Overpayments are allowed.

Disclaimer

Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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