The latest update reveals a mix of stability and slight increases, but with some golden opportunities for first-time buyers and those looking to remortgage. Here’s a breakdown of the latest trends and standout deals.

This week, the leaderboard of mortgage rates has seen little to no movement, with the most significant change being a slight dip in the lowest two-year fix for first-time buyers holding a 5% deposit. This comes as Hanley Economic Building Society steps up with a new lineup of offerings.

Despite the calm at the top, the average rates for both two- and five-year fixed mortgages have crept up slightly from March to April, now sitting at 5.80% and 5.39% respectively. This data comes from the Moneyfacts UK Mortgage Trends Treasury Report. On the bright side, the average rates are still lower than they were at the beginning of 2024, offering a silver lining for borrowers.

Looking for a Mortgage? Here’s What’s Cooking

When it comes to finding the best deal, the lowest rate might not always be the most cost-effective option, depending on personal needs and circumstances. It’s wise to explore some of the alternatives. For those feeling a bit lost in the mortgage maze, seeking advice from a mortgage broker could be a smart move, ensuring you land the best deal for your situation.

The Best Deals for Remortgaging

For homeowners eyeing a new deal as their fixed period ends, MPowered Mortgages remains a top choice, offering the lowest rates for two- and three-year fixes available via intermediaries. These deals come with perks like free valuations and legal fees, with rates of 4.57% and 4.49% respectively for a maximum loan-to-value (LTV) of 60%.

Top Picks for Home Movers

Home movers aren’t left out, with MPowered Mortgages also providing the lowest rates for two- and three-year fixed deals, complete with free valuations and competitive arrangement fees. Barclays and Nationwide Building Society offer enticing five-year fixes, with perks ranging from free valuations to cashback for energy-efficient homes.

First-Time Buyers

For those stepping onto the property ladder, the landscape looks promising, especially for those with a smaller deposit. Hanley Economic Building Society and Coventry Building Society are in the spotlight with two-year fixes that combine competitive rates and valuable incentives like cashback and free valuations. For a longer commitment, the Family Building Society and Cumberland Building Society offer five-year fixes with perks tailored to ease the burden on first-time buyers.