Mortgage Market Gets a Much-Needed Boost! Who Has the Best Rates?

There’s a ray of light in the mortgage market as some of the top rates have started to drop. This comes as the Bank of England reports that mortgage borrowing shot up from £1.3 billion in May to £2.7 billion in June!

While the number of mortgage approvals stayed steady at 60,000, this surge in borrowing suggests buyers are feeling more optimistic. Could this be the turning point we’ve all been waiting for?

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

Remortgaging? Here’s the Best Deals:

Shortest Fix: Snag a 2-year fixed rate at just 4.59% from Virgin Money. There’s a £995 fee, but you’ll get a free valuation and free legal fees – a nice bonus! This is available for those borrowing up to 60% of their property’s value.
Mid-Range Fix: Lock in a 3-year fix at 4.45% with MPowered Mortgages, available for properties in England and Wales (up to 60% loan-to-value). You’ll pay a £999 fee, but you’ll snag a free valuation and £256 towards legal fees.
Long-Term Fix: Secure a 5-year fix at a rock-bottom 4.20% with NatWest’s online-only deal. Be prepared for a £1,495 booking fee though. This is available across Great Britain and Northern Ireland for loans up to 60% of the property value.

Moving Home? Check Out These Rates:

Cheapest 2-Year Fix: Barclays Mortgage is offering a tempting 4.42% rate for 2 years, with an £899 fee and a free valuation. This is open to those in Great Britain and Northern Ireland for loans up to 60% of the property value.
Best Value 3-Year Fix: MPowered Mortgages takes the lead again with a 4.39% rate on a 3-year fix. You’ll need to factor in a £999 fee, but you’ll receive a free valuation. This is available in England and Wales for properties up to 60% loan-to-value.
Lowest 5-Year Fix: Both Nationwide BS and Barclays Mortgage are offering a 4.04% rate on a 5-year fix. Nationwide BS charges a £999 fee, while Barclays Mortgage charges £899, both offering free valuations. This deal is available for loans up to 60% of your property’s value.

First-Time Buyer? We’ve Got You Covered:

Lowest 2-Year Fix (10% Deposit): Clydesdale Bank offers a 5.19% rate with a hefty £1,499 fee.
Lowest 5-Year Fix (10% Deposit): Virgin Money has dropped their rate to 4.76% with a £995 fee, and they’re even throwing in £300 cashback! This is open to those across Great Britain and Northern Ireland.
Lowest 2-Year Fix (5% Deposit): Halifax is offering a 5.55% rate with a £999 fee, plus £250 cashback for energy-efficient homes.
Lowest 5-Year Fix (5% Deposit): Bath BS comes in at 5.19% with a £999 fee. This is available for properties in England, Wales, and mainland Scotland.

Remember: These are just a few of the great deals available. Always compare mortgages carefully and consider fees, incentives, and the total cost. Speaking to a mortgage broker can help you find the perfect mortgage for your circumstances. Good luck!