The mortgage market is looking good for borrowers this week, with rates tumbling across the board. Banks are slashing their fixed-rate deals, making it cheaper to borrow. This has led to a surge in the number of people getting mortgages approved.
This is great news if you’re hoping to buy a home, but there’s a catch. House prices are still going up, which could make it difficult to get on the property ladder.
Here’s a breakdown of the latest mortgage rates and what they mean for you:
Remortgaging: Slash Your Monthly Payments
Lowest rates this week:
- 2-year fix: 4.08% from Coventry Building Society
- 3-year fix: 3.95% from MPowered Mortgages
- 5-year fix: 3.79% from First Direct
Top tip: Don’t just go for the lowest rate! Look at fees too. Sometimes a slightly higher rate with lower fees works out cheaper overall.
Moving Home: Bag a Bargain Mortgage
Lowest rates this week:
- 2-year fix: 3.89% from Coventry Building Society
- 3-year fix: 3.75% from MPowered Mortgages
- 5-year fix: 3.69% from Coventry Building Society
Top tip: Check out Nationwide Building Society for a 2-year fix with cash rewards for energy-efficient homes!
First-Time Buyers: Get Your Foot on the Ladder
Lowest rates this week (with a 10% deposit):
- 2-year fix: 4.90% from Coventry Building Society
- 5-year fix: 4.49% from Nationwide Building Society
Lowest rates this week (with a 5% deposit):
- 2-year fix: 5.25% from Coventry Building Society
- 5-year fix: 4.95% from Coventry Building Society
Top tip: Nationwide Building Society has some great deals for first-time buyers, including cashback offers and help for energy-efficient homes.
Remember: These are just some of the best deals available right now. It’s always a good idea to shop around and compare mortgages from different lenders. A mortgage broker can help you find the perfect mortgage for your needs.