Best Mortgage Rates This Week as Deals Flood Back!

Good news for buyers and sellers! The mortgage market is finally getting back to normal.

After months of chaos, things are finally looking up. The number of different mortgages on offer has soared to a 16-year high, meaning more choice and better deals for you.

The average mortgage rate is holding steady, meaning no nasty surprises if you’re thinking of buying. Lenders are also holding rates for longer, giving you more time to find the perfect deal.

Here’s a breakdown of the best deals available right now:

Best Remortgage Rates

Two-year fix: NatWest are offering a market-leading 4.71% fixed rate for two years (then going up to 8.24%). You will need a 40% deposit and there is a hefty £1,495 fee. The overall cost for comparison is 7.8% APRC representative.
Three-year fix: MPowered Mortgages offer a competitive 4.48% fix for three years (then 7.74%). You’ll need a 40% deposit and there’s a £999 fee. The overall cost for comparison is 7.1% APRC representative.
Five-year fix: NatWest again lead the way with a 4.26% rate for five years (then 8.24%). Again, you’ll need a hefty 40% deposit and there’s a £1,495 fee. The overall cost for comparison is 6.7% APRC representative.

Best Rates For Home Movers

Two-year fix: Halifax are offering a rate of 4.63% fixed for two years (then rising to 8.74%). You’ll need a 40% deposit and there’s a £999 fee. The overall cost for comparison is 8.1% APRC representative.
Three-year fix: MPowered Mortgages come up trumps again with a 4.55% rate for three years (then 7.74%). You’ll need a 40% deposit and to stump up a £999 fee. The overall cost for comparison is 7.1% APRC representative.
Five-year fix: Santander are offering a competitive 4.20% for five years (then 7.50%). As before, you’ll need a 40% deposit and a £999 fee. The overall cost for comparison is 6.2% APRC representative.

Best Rates For First-Time Buyers

Two-year fix (10% deposit): Clydesdale Bank have the lowest rate at 5.19% fixed for two years (then 9.49%). This is with a 10% deposit, but watch out for the £1,499 fee! The overall cost for comparison is 8.9% APRC representative.
Five-year fix (10% deposit): First Direct offer a competitive 4.82% fixed for five years (then 6.99%). Again, a 10% deposit is needed, and there is a £490 fee. The overall cost for comparison is 6.3% APRC representative.
Two-year fix (5% deposit): Halifax offer a rate of 5.55% for two years (then 8.74%) but only require a 5% deposit. It does come with a £999 fee. The overall cost for comparison is 8.3% APRC representative.
Five-year fix (5% deposit): Monmouthshire BS offer a 5.20% rate fixed for five years (then 8.49%) on a 5% deposit. However, there’s a £1,149 fee to consider. The overall cost for comparison is 7.4% APRC representative.

Don’t Forget!

These are just the lowest rates – other deals might be better value depending on your circumstances.
Always work out the total cost of a mortgage, including fees, charges and incentives.
A mortgage broker can help you compare deals and find the best one for you.