Mortgage rates are continuing to drop, according to the latest figures. That means lower monthly payments for you – whether you’re buying your first home, moving, or remortgaging!

Good news for anyone looking to get on the property ladder – mortgage rates have been steadily falling in recent weeks, with several major lenders cutting rates on a range of mortgage products.

This follows a report from the Bank of England that showed mortgage borrowing increased to £2.8 billion in July, the highest level since November 2022. The number of mortgage approvals also rose to 62,000, the highest figure since September 2022.

These positive signs suggest that the mortgage market is starting to recover.

What does this mean for you?

This means that there are some great deals to be had for borrowers who are looking to secure a new mortgage. However, it’s important to remember that the lowest rate doesn’t always mean the best deal. Make sure you shop around and compare mortgages carefully, taking into account factors like fees and incentives before you commit.

Here are some of the best rates available right now:

Remortgaging

• Two-year fixed-rate: 4.25% from Halifax and NatWest (both with a £999 fee for Halifax and £1,495 fee for NatWest)
• Three-year fixed-rate: 4.25% from MPowered Mortgages (with a £999 fee)
• Five-year fixed-rate: 3.92% from NatWest and NatWest Int Sols (both with a £1,495 fee)

Moving Home

• Two-year fixed-rate: 4.07% from NatWest (with a £1,495 fee)
• Three-year fixed-rate: 4.19% from first direct (with a £490 fee) and MPowered Mortgages (with a £999 fee)
• Five-year fixed-rate: 3.71% from NatWest (with a £1,495 fee)

First-Time Buyers

• Two-year fixed-rate (90% LTV): 5.14% from Virgin Money (with a £995 fee)
• Five-year fixed-rate (90% LTV): 4.59% from Virgin Money (with a £995 fee)
• Two-year fixed-rate (95% LTV): 5.42% from The Co-operative Bank (with a £999 fee)
• Five-year fixed-rate (95% LTV): 5.05% from The Co-operative Bank (with a £999 fee)

Don’t forget the fees!

When you’re comparing mortgage deals, don’t forget to factor in the fees. This includes arrangement fees, valuation fees, and legal fees. These can all add up, so it’s important to compare the total cost of the mortgage, not just the interest rate.

Speak to a mortgage broker

If you’re not sure which mortgage is right for you, it’s a good idea to speak to a mortgage broker. They can help you compare deals and find the best one for your circumstances.