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Best UK residential mortgage rates this week

Michael Brown

Content Writer
Published: 18/05/2022

Last updated: 18th May 2022

Cumberland BS withdraws its range of cheaper deals with a high fee of £1,999.

The latest UK House Price Index this morning recorded the average UK property price at £278,436, almost a 10% increase from the same time last year.

The findings are not unusual. Recent findings from other research have returned similar results, attributing the rise to consistent strong demand.

Therefore, consumers in the market for a mortgage, whether it be a first-time buyer or a remortgage borrower, could be looking for a fixed-rate mortgage to give themselves some peace of mind over their future payments. To help those searching for such a mortgage, we have highlighted some of the lowest rates on the market. 

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Average two-year fixed rate breaches 3% for first time in over seven years

As the cost of living crisis continues to dominate headlines, data from the latest Moneyfacts UK Mortgage Trends Treasury Report shows that average mortgage rates continue to increase, with the average overall two-year fixed rate rising above 3% for the first time in over seven years.

Despite no base rate movement during April, we saw a 0.17% month-on-month increase in the two-year fixed rate average for all loan-to-values (LTVs) which has now risen for a seventh consecutive month. At 3.03% this is the highest on Moneyfacts’ records since March 2015 (3.06%) and has risen by 0.69% since December 2021.

At 3.17%, the overall five-year fixed rate increased for a seventh consecutive month, rising by 0.16% since last month and now the highest recorded since May 2016 (3.17%), having gone up by 0.53% since December 2021.

Moreover, the average two- and five-year fixed rates at 95% LTV have also risen month-on-month to 3.35% and 3.47% respectively. Not only are these average rates still lower than a year ago, but product availability in this sector has also continued to improve, rising by a further two deals this month to 369 – the most on offer since pre-pandemic in March 2020 (391).

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BREAKING: Bank of England increases base rate to 1%

The Bank of England has today increased base rate by 0.25%, up from 0.75% to 1.00%. We have analysed the average rates offered across savings and mortgages and considers what this decision may mean for consumers moving forward.

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First-time buyers to delay house purchases due to rising cost of living

Nationwide’s study found 28% of respondents believed financing a deposit to be the biggest obstacle to homeownership.

Seven in ten potential first-time buyers, who were looking to purchase their property in the next 12 to 24 months, will now delay their plans due to the growing cost of living.

This is according to research released by Nationwide BS today, which surveyed more than 2,000 people who are looking to buy their first home within the next five years.

In addition to this, 28% of the survey’s respondents felt that saving for a deposit was the biggest obstacle to owning a home. In comparison, concerns over borrowing enough and keeping up with mortgage payments was the next biggest challenge for potential homeowners.

“Building a deposit remains the single biggest barrier to homeownership today, with many people starting out facing a long uphill battle to save. The rising cost of living has made this even harder,” said Paul Archer, Senior Mortgage Manager at Nationwide Building Society.

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Seven surprising impacts on the value of your home

Article written by Ben Johnson at Yopa, our preferred independent real estate agents.

This article is not intended to be financial advice to any individual. The views expressed are those of the author and Moneyfacts.co.uk does not endorse the content.

Most of us know that the value of a home is affected by its size, location, and condition, but there are some more unexpected factors at play too. From the quality of your nearest drinking hole to the toys strewn on your child’s bedroom floor, there are a few things that can have a surprisingly big impact on your home’s selling price.

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Properties selling at double the speed of 2019

25th April 2022

UK properties are selling at twice the rate of the normal market in 2019 according to real estate company Rightmove. In addition, in March a seller could expect to spend an average of 33 days before their house was sold, 18 days fewer compared to exactly one year prior. This can be attributed to the increased demand for housing but limited supply, which have also driven house prices in an upward trajectory.

UK properties are selling at twice the rate of the normal market in 2019 according to real estate company Rightmove.

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Loan rates fall as demand for home improvements rise

25th April 2022

Borrowers looking to make home improvements will find the average cost of an unsecured personal loan has fallen year-on-year, according to the latest research. In particular, loan rates have fallen on small sums – on a borrowing amount of £3,000 over a three-year repayment period, the average loan rate is down from 14.6% a year ago to 14.3% today. A recent survey from Direct Line revealed 50% of consumers they surveyed wanted to renovate to gain extra space. Loft conversions can be a popular way to maximise living space, and insulation can cost £2,750, according to research by estate and letting agents Barrows and Forrester.

Borrowers looking to make home improvements will find the average cost of an unsecured personal loan has fallen year-on-year, according to the latest research.

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Number of remortgages falls for March, but LMS expect this to be temporary

13th April 2022

Lower remortgage activity last month can be attributed to fewer remortgage products on the market. Compared to February’s figures, the number of remortgages in March fell 28%, according to the latest LMS Monthly Remortgage Snapshot. However, lenders and borrowers can expect this statistic to be a temporary observation due to a drop in product availability.

Lower remortgage activity last month can be attributed to fewer remortgage products on the market.

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Best lifetime mortgage equity release rates this month

13th April 2022

Statistics recently released by the Equity Release Council announcing fourth quarter and full year figures highlight the popularity of Equity Release products. During 2021, 76,154 customers took out new plans, made use of existing drawdown reserves or agreed extensions to existing plans.

Statistics recently released by the Equity Release Council announcing fourth quarter and full year figures highlight the popularity of Equity Release products.

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Most Popular Mortgage News

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Best UK residential mortgage rates this week

18th May 2022

Each week the moneyfacts.co.uk content team round up the very best mortgage rates available in the UK. Compare and apply today.

Each week the moneyfacts.co.uk content team round up the very best mortgage rates available in the UK. Compare and apply today.

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Two and five year mortgage rates hit historic lows

11th May 2020

Although the number of mortgage deals have almost halved since March, the average mortgage rates on two and five-year fixed deals have hit historic lows

Although the number of mortgage deals have almost halved since March, the average mortgage rates on two and five-year fixed deals have hit historic lows

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Best lifetime mortgage equity release rates this month

13th April 2022

Statistics recently released by the Equity Release Council announcing fourth quarter and full year figures highlight the popularity of Equity Release products. During 2021, 76,154 customers took out new plans, made use of existing drawdown reserves or agreed extensions to existing plans.

Statistics recently released by the Equity Release Council announcing fourth quarter and full year figures highlight the popularity of Equity Release products.

Read More
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Seven surprising impacts on the value of your home

26th April 2022

Most of us know that the value of a home is affected by its size, location, and condition, but there are some more unexpected factors at play too. From the quality of your nearest drinking hole to the toys strewn on your child’s bedroom floor, there are a few things that can have a surprisingly big impact on your home’s selling price.

Most of us know that the value of a home is affected by its size, location, and condition, but there are some more unexpected factors at play too.

Read More

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