Mortgage rates are creeping up again – just a week before the Government announces its Autumn Budget. Experts think buyers and sellers are getting nervous about what the Chancellor might do.

Nobody’s certain what the impact of the Budget will be, which could be making lenders a bit jittery. That means higher rates for borrowers, across the board.

There is some good news for homeowners though, as average rates haven’t shot up as much as some feared. The typical two-year fixed rate mortgage is now 5.41% – that’s actually a small drop compared to September.

And if you’re after a five-year fix, that’ll be 5.1% on average – also a tiny bit cheaper than last month.

Here’s our round-up of the best deals available right now…

Best mortgages for remortgaging

If you’re thinking about switching to a new deal, these are the top rates:

Two-year fixes

• First Direct: 4.09% fixed for two years, then their standard variable rate of 6.99%. You’ll pay a £490 fee, and can borrow up to 60% of your home’s value.
• TSB: Two deals, both at 4.09% fixed until December 2026, then their standard variable rate (currently 8.49%). Max loan is 60% of your home’s value and there’s a hefty £1,495 fee. You do get free legal work with one of these mortgages though, and £300 cashback with the other.

Three-year fixes

• Halifax: 4.08% fixed until February 2028, then 8.49%. £999 fee, 60% max loan. You get free legal work and £250 cashback if your home has a good energy rating.
• MPowered Mortgages: 4.08% fixed for three years, then 7.49%. £999 fee, 60% max loan. They chuck in a free valuation, and with one of the deals you get £250 cashback, and with the other, £256 towards legal fees.

Five-year fixes

• First Direct: 3.84% fixed for five years, then 6.99%, 60% max loan, £490 fee. Free valuation and legal work.
• Nationwide: 3.84% fixed for five years, then 7.74%, 60% max loan, £999 fee. You can choose between £500 cashback or free legal work. Plus a free valuation.

Cheapest isn’t always best

It’s worth remembering that the very lowest rate might not work out cheapest overall. Fees can really bump up the price, and sometimes it’s worth paying a slightly higher rate to avoid a big arrangement fee.

Best mortgages if you’re moving

Two-year fix

• Nationwide: 3.94% fixed for two years, then 7.74%, 60% max loan, £999 fee. Free valuation and up to £500 cashback depending on your new home’s energy rating.

Three-year fix

• Halifax: 3.92% fixed until February 2028, then 8.49%, 60% max loan, £999 fee. Free legal work and £250 cashback if your new home has a decent energy certificate.

Five-year fix

• Halifax: 3.77% until February 2030, then 8.49%. £999 fee and 60% max loan. £250 cashback if your home’s energy-efficient.

Best mortgages for first-time buyers

10% deposit

Two-year fix

• Coventry Building Society: 4.90% fixed until February 2027, then 7.24%. 90% max loan, £999 fee, free valuation.

Five-year fix

• Nationwide: 4.49% for five years, then 7.74%. 90% max loan, £999 fee, free valuation. You get £500 cashback plus potentially another £500 if the house is energy efficient.
• Virgin Money: 4.49% fixed until January 2030, then a complicated arrangement for two years (8.99%, then 8.74%), 90% max loan, £995 fee. £300 cashback.

5% deposit

Two-year fix

• Clydesdale Bank: 5.20% until January 2027, then 8.99%. 95% max loan, £999 fee. Only available through a mortgage broker.

Five-year fix

• Clydesdale Bank: 4.90% until January 2030, then 8.99%. 95% max loan, £999 fee. Only available through a mortgage broker.

Jargon busting

• Loan-to-value (LTV) This means how much you’re borrowing compared to the value of the property. So a 60% LTV mortgage means you need a 40% deposit.
• Standard variable rate This is what your mortgage will revert to after the fixed-rate period ends. It’s usually much higher than the fixed rate, so it’s a good idea to remortgage before that happens.