Good news and bad news for those looking to get on the property ladder as house prices have risen for the second month in a row.

The average price of a UK home rose by 1.1% in April, following a 0.9% increase in March, according to the latest figures from the Office for National Statistics (ONS).

This means the average UK house price is now £281,000, which is £3,000 higher than a year ago.

Experts say the rise is being driven by a shortage of homes for sale, which is pushing up prices.

However, there is some good news for borrowers, as the average cost of fixed mortgage rates are remaining stable.

That being said, average mortgage rates are still on an upward trajectory, meaning buyers could be squeezed by rising prices and higher mortgage costs.

Here are some of the lowest fixed mortgage rates available this week, according to Moneyfacts data:

The Best Remortgage Rates This Week

Two-year fixed remortgage

• Rate: 4.75%
• Who’s it with?: Hanley Economic BS
• Loan-to-value: Up to 80%
• Fees: £1,000
• Incentives: Free valuation and free legal fees (up to £250) for borrowers in England and Wales.

Cheapest two-year fix

• Rate: 4.98%
• Who’s it with?: first direct
• Loan-to-value: Up to 75%
• Fees: £490
• Incentives: Free valuation and free legal fees.

Three-year fixed remortgage

• Rate: 4.49%
• Who’s it with?: MPowered Mortgages
• Loan-to-value: Up to 60%
• Fees: £999
• Incentives: Free valuation and £180 towards legal fees.

Three-year fix – 80% LTV

• Rate: 4.79%
• Who’s it with?: Vernon BS
• Loan-to-value: Up to 80%
• Fees: £499

Five-year fixed remortgage

• Rate: 4.32%
• Who’s it with?: NatWest
• Loan-to-value: Up to 60%
• Fees: £1,495
• Incentives: Free valuation and free legal fees.

Five-year fix – low fees

• Rate: 4.63%
• Who’s it with?: first direct
• Loan-to-value: Up to 75%
• Fees: £490
• Incentives: Free valuation and free legal fees.

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Best Mortgage Rates for Home Movers This Week

Two-year fixed rate mortgage

• Rate: 4.78%
• Who’s it with?: Halifax
• Loan-to-value: Up to 60%
• Fees: £999
• Incentives: £250 cashback if you are moving to a property with an Energy Performance Certificate (EPC) rating of 81 or higher

Two-year fix – 75% LTV

• Rate: 4.89%
• Who’s it with?: The Co-operative Bank
• Loan-to-value: 75%
• Fees: £999
• Incentives: £250 cashback and a free valuation.

Three-year fixed rate mortgage

• Rate: 4.59%
• Who’s it with?: MPowered Mortgages
• Loan-to-value: Up to 60%
• Fees: £999
• Incentives: Free valuation.

Five-year fixed-rate mortgage

• Rate: 4.28%
• Who’s it with?: Santander
• Loan-to-value: Up to 60%
• Fees: £999
• Incentives: Free valuation.

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Best Mortgage Rates for First-Time Buyers This Week

Two-year fixed-rate mortgage (90% LTV)

• Rate: 5.23%
• Who’s it with?: Cumberland BS
• Loan-to-value: Up to 90%
• Fees: £999
• Incentives: Free valuation

Two-year fixed-rate (90% LTV) – Low Fees

• Rate: 5.23%
• Who’s it with?: first direct
• Loan-to-value: Up to 90%
• Fees: £490
• Incentives: Free valuation.

Five-year fixed-rate (90% LTV)

• Rate: 4.78%
• Who’s it with?: first direct
• Loan-to-value: 90%
• Fees: £490
• Incentives: Free valuation.

Five-year fixed-rate mortgage (90% LTV) – No Fee

• Rate: 4.88%
• Who’s it with?: first direct
• Loan-to-value: Up to 90%
• Incentives: No product fee.

Two-year fixed-rate mortgage (95% LTV)

• Rate: 5.32%
• Who’s it with?: Hanley Economic BS
• Loan-to-value: Up to 95%
• Incentives: Free valuation for properties valued up to £250,000 or £310 towards a valuation for properties over this value.

Two-year fix (95% LTV) – Cashback

• Rate: 5.69%
• Who’s it with?: Nationwide BS
• Loan-to-value: Up to 95%
• Fees: £999
• Incentives: £500 cashback and a free valuation. You can also get an additional £250 cashback if your property has an EPC rating between 86 and 91, or £500 cashback for a rating of 92 or higher.

Five-year fixed-rate (95% LTV)

• Rate: 5.09%
• Who’s it with?: Family Building Society
• Loan-to-value: Up to 95%
• Fees: £599
• Incentives: Free valuation and £250 cashback. You’ll need a family member to use their savings or property as security for the mortgage.

Five-year fixed-rate (95% LTV) – No Fee

• Rate: 5.23%
• Who’s it with?: Cumberland BS
• Loan-to-value: Up to 95%
• Incentives: Free valuation

Important: Remember, the lowest rate may not always be the best or most cost-effective choice for you. Always consider factors such as product fees and incentives when comparing mortgage deals.

It is important to speak to a mortgage broker if you are unsure about which mortgage is right for you.