Mortgage rates are falling, which means cheaper deals for homebuyers and those looking to remortgage. Here’s what you need to know this week.
There’s good news for anyone looking to buy a house or remortgage, as some of the UK’s biggest lenders have been slashing their rates.
Over the past week, Halifax, TSB and Barclays Mortgage have all cut costs, with some deals falling by as much as 0.33%.
Barclays Mortgage now offers some of the most competitive rates for those looking to move home or remortgage.
And Virgin Money has launched a ‘7-Day Special’ range, with a market-leading five-year fixed rate for first-time buyers with a 10% deposit. But you’ll need to be quick – this deal ends at 8pm on Monday 22 July.
Important Note: Remember that the lowest rate doesn’t always mean it’s the cheapest deal. Things like product fees and incentives can really add up, so compare carefully! If you’re unsure, it’s always a good idea to speak to a mortgage broker to find the best deal for you.
Best Remortgage Rates This Week:
- Barclays: 4.70% fixed for 2 years (8.2% APRC)
- £999 product fee
- 60% maximum loan-to-value
- Free valuation, and a choice between free legal fees or £350 cashback
- MPowered Mortgages: 4.45% fixed for 3 years (7.1% APRC)
- £999 product fee
- 60% maximum loan-to-value
- £256 towards legal fees and a free valuation
- NatWest: 4.26% fixed for 5 years (6.7% APRC)
- £1,495 product fee
- 60% maximum loan-to-value
- Free valuation and free legal fees
Looking for something else?
- The Co-operative Bank offers a competitive two-year fixed rate at 4.85% for loans up to 75% of your property value.
- Vernon BS has a three-year fix at 4.79% with lower product fees (£499) but no incentives.
- Furness BS provides a five-year fixed rate at 4.74% with £250 cashback and a free valuation.
Best Mortgage Rates for Home Movers This Week:
- Barclays: 4.52% fixed for 2 years (8.1% APRC)
- £899 product fee
- 60% maximum loan-to-value
- Free valuation
- MPowered Mortgages: 4.47% fixed for 3 years (7.1% APRC)
- £999 product fee
- 60% maximum loan-to-value
- Free valuation
- Barclays: 4.09% fixed for 5 years (6.9% APRC)
- £899 product fee
- 60% maximum loan-to-value
- Free valuation
Looking for something else?
- first direct: Offers two-year fixes for various loan-to-value ratios (75%, 85% and 90%).
- HSBC: Has a five-year fixed rate at 4.56% for loans up to 85% of your property value.
- Coventry BS: Offers a three-year fix at 4.51% for loans up to 65% of your property value.
Best Mortgage Rates for First-Time Buyers:
10% Deposit:
- Clydesdale Bank: 5.19% fixed for 2 years (8.7% APRC)
- £1,499 product fee
- 90% maximum loan-to-value
- Virgin Money (7-Day Special): 4.75% fixed for 5 years (7.4% APRC)
- £995 product fee
- 90% maximum loan-to-value
- Free valuation
Looking for something else?
- HSBC: Offers a two-year fixed rate at 5.28% with a free valuation and £250 cashback.
- Virgin Money: Has a five-year fixed rate at 4.82% with £300 cashback and a free valuation.
95% Deposit:
- Halifax: 5.55% fixed for 2 years (8.3% APRC)
- £999 product fee
- 95% maximum loan-to-value
- Potential for £250 cashback with a good Energy Performance Certificate (EPC) rating
- Monmouthshire BS: 5.20% fixed for 5 years (7.4% APRC)
- £1,149 product fee
- 95% maximum loan-to-value
Looking for something else?
- Nationwide BS: Offers a two-year fixed rate at 5.89% with up to £750 cashback, depending on your EPC rating.
- first direct: Has a five-year fixed rate at 5.32% with no product fees and a free valuation.