As Mortgage Rate Rises Return, What Are The Best Deals This Week?

The average UK property is now worth £293,000 – that’s a hefty 1.5% jump in just one month (up to August) and 2.8% higher than a year ago, says the UK House Price Index.

This property price rise is probably linked to the fact that mortgage rates have been falling recently, encouraging more people to think about buying.

Between September and October, the average two-year fixed rate mortgage fell to 5.40%, while the average five-year fix dropped to 5.07%.

But this week some lenders started to increase certain mortgage rates.

This means that this week the very cheapest fixed mortgage rates for those moving home actually got a bit more expensive, although for first-time buyers with a small deposit, the best deals got a little cheaper.

Below, we’ve rounded up some of the best deals out there, whether you’re remortgaging, moving home or just starting out. But remember – the cheapest rate might not be right for you, so we’ve highlighted some other good deals based on overall value.

Important Note: It’s always best to chat with an expert! Remember that the very cheapest rate might not work out best for you in the long run. Things like fees and incentives can really add up. If you’re not sure, it’s always a good idea to speak to a mortgage broker who can help you find the perfect mortgage for your situation.

The Best Remortgage Deals This Week

Barclays: Offering a joint-lowest two-year fixed rate of 3.99% until 31 December 2026 (then it goes up to 6.99%). You’ll pay a £999 product fee and need a maximum loan-to-value of 60% (meaning you need to have at least a 40% deposit). The representative APRC (the overall cost over the year) is 6.6%.
Santander: Matching Barclays with a joint-lowest two-year fix of 3.99% (until 2 March 2027, then up to 7.25%). Again, there’s a £999 product fee and a maximum 60% LTV. The representative APRC is slightly higher at 6.8%.
Santander: Also offering the cheapest three-year fix at 3.99% (until 2 March 2028, then rising to 7.25%). The product fee and maximum LTV are the same as their two-year deals, but the representative APRC is slightly better at 6.5%.
First Direct: If you want the security of fixing your payments for longer, First Direct has the cheapest five-year fix at 3.79% (then it switches to a variable rate of 6.99%). The product fee is lower at £490, and the maximum LTV is 60%. This deal has a lower representative APRC of 5.8%.

Looking for a different type of deal?

Smaller deposit? First Direct has a two-year fix at 4.34% for those with only a 25% deposit (75% LTV). There’s a £490 fee, but you’ll get a free property valuation and free legal fees.
Longer fix? Vernon Building Society has a three-year fix at 4.39% (with a £499 fee) and will lend up to 80% of your property’s value.
Bigger loan? Principality Building Society offers a five-year fix at 4.19% for loans up to 80% of your home’s value. However, there’s a bigger fee of £1,395.

Moving Home? Best Mortgage Deals for You

Barclays: The cheapest two-year fix for home movers is now 3.90% (increasing to 6.99% after 31 December 2026). There’s an £899 fee, and you’ll need a 35% deposit (65% LTV). This deal comes with a free valuation.
Barclays: Need to borrow more? Barclays also has a two-year fix at 4.10% for those with a smaller deposit (up to 75% LTV). It has the same terms as their cheaper deal.
Santander: For a three-year fix, Santander is cheapest at 3.88% (rising to 7.25% after 2 March 2028). Expect a £999 fee, 60% maximum LTV and a free valuation.
Santander: They also offer the cheapest five-year fix for home movers at 3.75% (increasing to 7.25% after 2 March 2030). It’s the same terms as the three-year deal.
First Direct: Have a smaller deposit? First Direct offers a three-year fix at 4.50% for loans up to 85% of your property value and a five-year fix at 4.16% for up to 80% LTV. Both have a £490 fee and come with a free valuation.

First-Time Buyer? Best Deals for Getting on the Ladder

10% Deposit?

Coventry Building Society: The cheapest two-year fix is 4.90% (rising to 7.24% after 28 February 2027). Expect a £999 fee and a free valuation.
Virgin Money: Another good option is a two-year fix at 4.98% with a £995 fee. Plus, you get £300 cashback!
Barclays: Looking for a longer fix? Barclays has the cheapest five-year fix at 4.39% (going up to 6.99% after 31 December 2029). There’s a £999 fee and a free valuation.
Virgin Money: Want to avoid fees? Virgin Money has a five-year fix at 4.62% with no product fee and £300 cashback.

5% Deposit?

Clydesdale Bank: If you have a 5% deposit, the cheapest two-year fix is 5.20% (increasing to 8.99% after 31 January 2027). This comes with a £995 fee and a free valuation.
Clydesdale Bank: They also offer the cheapest five-year fix at 4.90% (going up to 8.99% after 31 January 2030). Same terms as the two-year fix.
Furness Building Society: Want to avoid fees? Their two-year fix at 5.44% doesn’t have a product fee and comes with a free valuation and £250 cashback.
Nationwide Building Society: For a fee-free five-year fix, try Nationwide at 5.04%. They offer a free valuation, £500 cashback, and up to £500 extra cashback if your new home has a good energy efficiency rating.