Halifax’s latest House Price Index revealed that house prices have seen their biggest jump since November 2022. In the year leading up to September, prices shot up by 4.7%, meaning the average UK home will now set you back a cool £293,399.

Don’t panic! Amanda Bryden, the brains behind mortgages at Halifax, wants you to see the bigger picture.

She explains, “While the average house price has gone up by about £13,000 in the past year, this is mostly just catching up from dips we saw before. If you look back two years, prices have only actually increased by a tiny 0.4% – that’s just £1,202.”

So, why are things looking up?

Bryden reckons it’s all down to wages growing and those juicy interest rate cuts making mortgages more affordable. This has given buyers a much-needed confidence boost, with the number of mortgages agreed shooting up by over 40% in the last year. In fact, they’re at their highest point since July 2022!

Ready to grab a bargain? This week saw some of the UK’s biggest lenders, like Santander, Barclays Mortgage, and Halifax, slash their rates even further.

But the cheapest rate doesn’t always mean it’s the best deal for you. Those sneaky fees and incentives can really add up. To help you out, we’ve rounded up some of the top deals for remortgagers, home movers and first-time buyers.

Remortgaging: Bagging the Best Deal

Lowest rates this week:

• Santander: 3.99% fixed for 2 years, then 7.25% variable. £999 fee, 60% max loan-to-value (LTV).
• MPowered Mortgages: 3.95% fixed for 3 years, then 7.49% variable. £999 fee, 60% max LTV.
• First Direct: 3.79% fixed for 5 years, then 6.99% variable. £490 fee, 60% max LTV.

Want to borrow more? First Direct’s got you covered with a rate of 4.34% for up to 75% LTV.

Shorter-term fix? Vernon BS has a cracking 3-year deal at 4.39% for up to 80% LTV, perfect if you’re not quite ready for a long-term commitment.

Remember: It’s not just about the rate! Fees and incentives can make a big difference. Chat to a mortgage broker if you’re not sure what’s best for you.

Moving House? Top Deals for Home Movers:

Cheapest rates this week:

• Santander: 3.84% fixed for 2 years, then 7.25% variable. £999 fee, 65% max LTV.
• MPowered Mortgages: 3.75% fixed for 3 years, then 7.49% variable. £999 fee, 60% max LTV.
• Santander: 3.68% fixed for 5 years, then 7.25% variable. £999 fee, 60% max LTV.

Looking to minimise those pesky fees? Santander has a no-fee 2-year fix at 4.34% for up to 75% LTV.

Longer-term security? NatWest has a fantastic 5-year fix at 3.98% for up to 75% LTV, also with no fee!

Don’t forget: Shop around and compare deals carefully. It’s worth speaking to a mortgage advisor to find the perfect fit for you.

First-Time Buyer? Get on the Property Ladder:

Lowest rates this week:

• Coventry BS: 4.90% fixed for 2 years, then 7.24% variable. £999 fee, 90% max LTV (10% deposit).
• Barclays: 4.47% fixed for 5 years, then 6.99% variable. £999 fee, 90% max LTV (10% deposit).
• Halifax: 5.22% fixed for 2 years, then 8.49% variable. £999 fee, 95% max LTV (5% deposit).
• Skipton BS: 4.92% fixed for 5 years, then 6.79% variable. £1,295 fee, 95% max LTV (5% deposit).

Want some cash back? Virgin Money offers a 2-year fix at 4.98% with £300 cashback. Nationwide BS has a great 5-year fix at 4.49% with £500 cashback, plus up to £500 more if your new home is energy efficient!

Got a 5% deposit? Furness BS has a cracking no-fee deal at 5.44% with £250 cashback.

Virgin Money also has a competitive no-fee 5-year fix at 4.99% with £300 cashback.

Don’t forget: It’s important to factor in all the costs, not just the interest rate. Consider speaking to an independent mortgage broker who can help you navigate the options.