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The best residential mortgage rates this week 14.08.20
Derin Clark

Derin Clark

Online Reporter
Published: 14/08/2020

Mortgage borrowers will be pleased to see that mortgage rates in the remortgage and moving home charts remained competitively low this week. Saying this, there is some indication that rates on lower loan-to-value (LTV) deals may start to rise, so borrowers should act quickly to secure the best deal possible.

When considering which mortgage deal is best, borrowers should take into consideration a number of factors and not just the rate, as this will reflect the true cost of the deal. For example, factors like product fee, incentives and flexible features should be included in the decision-making process. Those uncertain of which deal is best should consider speaking to a mortgage broker.

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HSBC cuts rates on 60% LTV mortgage deals

Today HSBC has cut the rates on its two and five year fixed rate mortgage deals at 60% loan-to-value (LTV).

Mortgage borrowers can now get an HSBC two year fixed rate deal at 1.44%, which is fixed until 31 December 2022. This deal, available at 60% LTV, does not charge any product fees. It has also cut the rate on its two year fixed deal that charges £999 in product fees to 1.14% fixed until 31 December 2022. 

At the same time, HSBC has cut the rates on its five year fixed deals at 60% LTV today. Its fee saver rate has been cut to 1.59%, which is fixed until 31 December 2025 and has no product fees. HSBC has also cut its five year fixed deal that charges £999 in product fees to 1.34% fixed until 31 December 2025.

All these deals come with the incentive of free valuation and, for those remortgaging, no legal fees.

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The best buy to let mortgage deals

With a volatile stock market and the temporary increase in the stamp duty threshold to £500,000, investing in property could be a more attractive option for investors looking to diversify their investment portfolio.

For those looking to expand their buy-to-let (BTL) portfolio or who are thinking about purchasing their first BTL property, we’ve rounded up some of the best* BTL mortgage deals currently available on the market.

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Mortgage rates start to rise as number of deals cut by over half

In just five months, the number of mortgage deals available to consumers has more than halved, falling from 5,222 on 1 March to just 2,526.

As well as this, data due to be released in the Moneyfacts UK Mortgage Trends Treasury Report shows that in the four weeks between 1 July and 1 August, 202 mortgage deals disappeared from the market. This is despite the housing market picking up after the spring lockdown and being boosted by the Government’s rise of the stamp duty threshold.

 

Total number of mortgage deals available
1 March 2020 5,222
1 July 2020 2,728
1 August 2020 2,526

 

“The introduction of the stamp duty holiday and record low average rates following an enforced period of shutdown for the market has seen demand for mortgages escalate in recent weeks,” Eleanor Williams, finance expert at Moneyfacts.co.uk, explained. “However, product choice and availability remains a key issue for mortgage borrowers, with this month continuing the downward trajectory we saw between June and July; there were 2,526 live products as of the 1 August, a fall of 202 compared to last month, and 2,696 less than the number of products on offer at the start of March, meaning there is 48% less choice available to consumers as the industry continues to feel the impact of the Coronavirus pandemic.”

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The best residential mortgage rates this week 07.08.20

Although the stamp duty threshold increased to £500,000 last month has made it a very attractive time to move home – as our story Is now a good time to move home? highlights – there are several factors homeowners should consider before moving. For those who are in the process of buying a new home, our story on How to fast track your mortgage application post-Covid-19 lockdown offers some tips on ensuring that the mortgage application goes through as quickly as possible.

Overall, mortgage rates have remained highly competitive this week and below we have highlighted the lowest rates available in the charts overall. While getting a low rate is important when considering a mortgage deal, borrowers should keep in mind that the lowest rate might not be the best deal overall and instead they should consider factors such as incentives, product fees and flexible features when choosing a product. Borrowers who need help in deciding which mortgage is right for them should consider speaking to a mortgage broker.

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Recent News

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Invest in property or a pension - which is best to boost your retirement?

6th August 2020

The numbers of people searching for buy-to-let in the UK has seen an increase of more than 2.5 times from the end of March to mid-July, according to Google trends data.

The numbers of people searching for buy-to-let in the UK has seen an increase of more than 2.5 times from the end of March to mid-July, according to Google tren

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Is now a good time to move home?

5th August 2020

A survey carried out by Nationwide in May found that the lockdown led to 15% of people considering moving home

A survey carried out by Nationwide in May found that the lockdown led to 15% of people considering moving home

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How to fast track your mortgage application post Covid-19 lockdown

4th August 2020

The housing market is experiencing a mini-boom as a result of pent-up demand post-lockdown and the new stamp duty payment holiday. Rightmove reported a 75% increase of buyer enquiries in July 2020 compared to July 2019 and 44% of sellers that listed from 13 May 2020 have now been marked as sale agreed.

The housing market is experiencing a mini-boom as a result of pent-up demand post-lockdown and the new stamp duty payment holiday. Rightmove reported a 75% incr

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The best residential mortgages rates this week 31.07.20

31st July 2020

This week has seen several rate increases for mortgages, particularly at higher loan-to-values (LTV). Halifax, TSB, Skipton Building Society, Virgin Money and Nationwide Building Society all increased their rates during the week on 85% LTV mortgages.

This week has seen several rate increases for mortgages, particularly at higher loan-to-values (LTV). Halifax, TSB, Skipton Building Society, Virgin Money and N

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Most Popular Mortgage News

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How to fast track your mortgage application post Covid-19 lockdown

4th August 2020

The housing market is experiencing a mini-boom as a result of pent-up demand post-lockdown and the new stamp duty payment holiday. Rightmove reported a 75% increase of buyer enquiries in July 2020 compared to July 2019 and 44% of sellers that listed from 13 May 2020 have now been marked as sale agreed.

The housing market is experiencing a mini-boom as a result of pent-up demand post-lockdown and the new stamp duty payment holiday. Rightmove reported a 75% incr

Read More
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HSBC cuts rates on 60% LTV mortgage deals

13th August 2020

Today HSBC has cut the rates on its two and five year fixed rate mortgage deals at 60% loan-to-value (LTV)

Today HSBC has cut the rates on its two and five year fixed rate mortgage deals at 60% loan-to-value (LTV)

Read More
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Invest in property or a pension - which is best to boost your retirement?

6th August 2020

The numbers of people searching for buy-to-let in the UK has seen an increase of more than 2.5 times from the end of March to mid-July, according to Google trends data.

The numbers of people searching for buy-to-let in the UK has seen an increase of more than 2.5 times from the end of March to mid-July, according to Google tren

Read More
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Mortgage rates start to rise as number of deals cut by over half

11th August 2020

In just five months, the number of mortgage deals available to consumers has more than halved, falling from 5,222 on 1 March to just 2,526

In just five months, the number of mortgage deals available to consumers has more than halved, falling from 5,222 on 1 March to just 2,526

Read More

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