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The best residential mortgage rates 15.01.21
Derin Clark

Derin Clark

Online Reporter
Published: 15/01/2021

There was some good news for first-time buyers this week as we reported that the number of first-time buyer deals has almost doubled month on month. First-time buyers looking for a deal will note the lower rates entering the first-time buyer charts this week. As well as this, homeowners looking to move home or remortgage will find that rates in both these charts still remain highly competitive.

We have highlighted the lowest rates in the remortgage, moving home and first-time buyer charts, but borrowers should note that the lowest rate may not be the best option for their individual circumstances. Instead, when looking at mortgage deals, borrowers should consider a range of factors including product fees, incentives and flexible features, along with the rate, to determine the best one. Borrowers unsure of which deal is the best option for them, should consider speaking to a mortgage broker who will be able to provide help and advice in choosing the best option.

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The best mortgage deals without a fee

Although locking into a new mortgage deal can reduce monthly repayments, especially if the borrower is currently on the lender’s standard variable rate (SVR), it can result in having to pay additional costs. Mortgage borrowers looking to reduce the cost of locking into a new mortgage deal may want to consider a mortgage that does not charge a product fee, which on some deals, can add over £1,000 to the mortgage.

To help borrowers find the best mortgage deal that does not charge a product fee, below we’ve highlighted the lowest rates available on two and five year fixed deals that do not have any product fees in our remortgage, moving home and first-time buyer charts.

Although the interest rate is important when considering a mortgage deal, borrowers should be aware that the lowest rate available may not be the right option for their needs and, as such, should consider speaking to a mortgage broker to find the best deal of their individual circumstances.

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How to get on to the property ladder in 2021

A combination of rising house prices, mortgage lenders withdrawing deals for those with a 10% or less deposit, and savings rates at a historic low, resulted in potential first-time buyers facing a highly challenging market last year. Although the housing market still remains challenging for first-time buyers looking to take their first steps onto the property ladder, there does some to be signs that it is improving.

Here we take a look at what is happening in the first-time buyer market and how would-be homeowners can buy their first home in 2021.

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First-time buyer deals almost double month-on-month

First-time buyers with a 10% deposit now have more choice as the number of 90% loan-to-value (LTV) deals has increased month-on-month, research carried out by Moneyfacts reveals.

The data, which is due to be published in the Moneyfacts UK Mortgage Trends Treasury Report, found that the number of mortgage deals at a 90% LTV (which requires a 10% deposit) has increased from 88 on 1 December 2020 to 160 on 1 January 2021. In addition to this, the average rates on both two and five year fixed rate deals at a 90% LTV have fallen month-on-month. The average two year fixed rate at 90% LTV has fallen by 0.14%, down from 3.79% on 1 December 2020 to 3.65% 1 January 2021, and the average five year fixed rate at 90% LTV has fallen by 0.13%, from 3.92% to 3.79% month-on-month during the same time period.

While this is good news for many first-time buyers, as the below chart shows, the number of deals available to those with a 10% deposit is still significantly lower than those available at the beginning of March, before the pandemic began impacting the UK economy. As well as this, the average two year fixed deal rate at a 90% LTV is 1.08% higher on the 1 January compared to the 1 March 2020. Meanwhile, the average five year fixed deal rate at a 90% LTV is 0.88% higher.

 

90% LTV mortgage market analysis
  1 March 2020 1 December 2020 1 January 2021
Fixed and variable rate product count at 90% LTV 779 88 160
90% LTV average two year fixed rate 2.57% 3.79% 3.65%
90% LTV average five year fixed rate 2.91% 3.92% 3.79%
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The best residential mortgage rates 08.01.21

The Halifax House Price Index, which was released today, shows that although the average house price increased during December 2020, house price growth has slowed to increase by 0.2% month-on-month. According to the index, the average house price now stands at £253,374. Although house price growth may be slowing, and could potentially start to fall as we move further into 2021, mortgage rates remain competitively low, making this a good time to lock into a new mortgage deal.

Below we have highlighted the lowest rates available in the mortgage charts, but mortgage borrowers should remember that the lowest rate may not be the best deal for their situation. Instead, when looking at mortgage deals, borrowers should consider a range of factors including product fees, incentives and flexible features, along with the rate, to determine the best one.

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Should borrowers use a high street lender or a specialist for a lifetime mortgage?

23rd December 2020

The traditional equity release lenders; Canada Life and Legal and General have been joined by high street names such as Nationwide Building Society, Santander, TSB and Lloyds Bank. We’ve compared equity release providers below to help borrowers decide if they prefer to use a high street name or a specialist lender.

The traditional equity release lenders; Canada Life and Legal and General have been joined by high street names such as Nationwide Building Society, Santander, TSB and Lloyds Bank. We’ve compared equity release providers below to help borrowers decide if they prefer to use a high street name or a specialist lender.

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Should I use a bridging loan to get stamp duty saving?

22nd December 2020

The stamp duty holiday is set to come to an end 31 March 2021. We explain the faster alternatives to access finance to buy a property before the deadline.

The stamp duty holiday is set to come to an end 31 March 2021. We explain the faster alternatives to access finance to buy a property before the deadline.

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2020 mortgage interest rates review

21st December 2020

The economic uncertainty caused by the Coronavirus pandemic has had a significant impact on mortgage interest rates this year, with rates falling to record lows as well as increasing year-on-year

The economic uncertainty caused by the Coronavirus pandemic has had a significant impact on mortgage interest rates this year, with rates falling to record lows as well as increasing year-on-year

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The best residential mortgage rates 18.12.20

18th December 2020

Despite the economic uncertainty caused by the Covid-19 pandemic this year, mortgage borrowers have seen mortgage rates in the remortgage and moving home charts remain competitively low

Despite the economic uncertainty caused by the Covid-19 pandemic this year, mortgage borrowers have seen mortgage rates in the remortgage and moving home charts remain competitively low

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Most Popular Mortgage News

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Government announces launch of new Help to Buy scheme

17th November 2020

The Government is set to replace the existing Help to Buy Equity Loan scheme with a new scheme that is restricted to first-time buyers only and introduces regional price limits

The Government is set to replace the existing Help to Buy Equity Loan scheme with a new scheme that is restricted to first-time buyers only and introduces regional price limits

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First-time buyer deals almost double month-on-month

11th January 2021

First-time buyers with a 10% deposit now have more choice as the number of 90% loan-to-value (LTV) deals has increased month-on-month, research carried out by Moneyfacts reveals

First-time buyers with a 10% deposit now have more choice as the number of 90% loan-to-value (LTV) deals has increased month-on-month, research carried out by Moneyfacts reveals

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The best residential mortgage rates 08.01.21

8th January 2021

The Halifax House Price Index, which was released today, shows that although the average house price increased during December 2020, house price growth has slowed to increase by 0.2% month-on-month

The Halifax House Price Index, which was released today, shows that although the average house price increased during December 2020, house price growth has slowed to increase by 0.2% month-on-month

Read More
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2020 mortgage interest rates review

21st December 2020

The economic uncertainty caused by the Coronavirus pandemic has had a significant impact on mortgage interest rates this year, with rates falling to record lows as well as increasing year-on-year

The economic uncertainty caused by the Coronavirus pandemic has had a significant impact on mortgage interest rates this year, with rates falling to record lows as well as increasing year-on-year

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