Fixed mortgage rates are dropping fast, making it cheaper to borrow for your dream home.

Good news for anyone looking to buy a home or remortgage! Lenders are slashing their fixed mortgage rates, with some of the lowest deals falling for the second week in a row. This means you could bag yourself a bargain mortgage.

This follows hot on the heels of a Moneyfacts report that showed the average two-year fixed rate plummeted from 5.95% to 5.77% between July and August. Five-year fixes also fell, from 5.53% to 5.38%.

But don’t just grab the first deal you see. With so much competition between lenders, it’s more important than ever to shop around and compare deals. A mortgage broker can help you navigate the market and find the right mortgage for you.

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

Best Remortgage Rates – Slash Your Monthly Payments

• NatWest: Offering the lowest two-year fixed rate at 4.29% and the lowest five-year fix at 4.05%. You’ll need a 40% deposit, and there’s a £1,495 fee. But you get a free valuation and free legal fees.
• Barclays Mortgage: A great option if you don’t want any upfront fees. Their two-year fixed rate is 4.85%, with a free valuation, free legal fees, and £150 cashback.
• MPowered Mortgages: Offering the lowest three-year fixed rate at 4.39%. This deal has a £999 fee and you’ll need a 40% deposit. But you get a free valuation and £256 towards legal fees.

Best Mortgage Rates For Home Movers – Bag a Bargain on Your Next Home

• NatWest: Again topping the charts with the lowest two-year fix at 4.21% and the lowest five-year fix at 3.83%. You’ll need a 40% deposit and there’s a £1,495 fee. You do get a free valuation though.
• First Direct: A good alternative for a two-year fix, with a rate of 4.54%. You’ll need a 25% deposit and there’s a £490 fee, plus a free valuation.
• Virgin Money: Top pick for a five-year fix at 3.99%. This deal requires a 25% deposit and has a £995 fee. Plus, you’ll get £300 cashback.

Best First-Time Buyer Mortgages – Getting on the Property Ladder Just Got Easier

• Cumberland BS: Offering a competitive two-year fix at 5.18% for those with a 10% deposit. There’s a £999 fee, and you can get a free valuation if your property is valued at £750,000 or less.
• NatWest, NatWest Int Sols, and Royal Bank of Scotland: All offering the lowest five-year fixed rate at 4.68% for those with a 10% deposit. These deals all come with a £995 fee, a free valuation, and £250 cashback!
• Nationwide BS: A great choice if you’re buying an energy-efficient home. Their five-year fix at 4.80% (for those with a 10% deposit) offers up to £500 cashback depending on your property’s energy rating, plus a free valuation.

Should You Use a Mortgage Broker?

A mortgage broker can save you time and money by comparing deals from different lenders and finding the right mortgage for your circumstances. They can also help with the paperwork and answer any questions you have. It’s worth considering, especially in the current fast-moving market.