Best UK Residential Mortgage Rates This Week 2024

Rhiannon Philps

Content Writer

Published: 24/04/2024

Last updated: 24 April 2024 at 14:15

Leading mortgage rates rise as providers increase rates.

This week saw several lenders raise the rates on their mortgage products, including HSBC, first direct, Barclays Mortgage and MPowered Mortgages, to name just a few.

As a result, most of the lowest rates on deals for remortgage borrowers and homemovers have increased this week. With rates edging higher, it’s even more important for anyone looking to take out a mortgage to compare deals and seek advice where necessary.

In more positive news, the lowest mortgage rates for first-time buyers remain largely unchanged. However, even though these rates appear to have remained more stable, it continues to be a challenging market for first-time buyers.

If you’ve decided now is the right time to move home, remortgage or join the property ladder, we provide more information on some of the lowest mortgage rates currently available. However, as the lowest rate may not always be the most effective choice for your needs and circumstances, we’ve also offered some alternative deals which feature on our Moneyfacts Best Buy chart based on their overall true cost.

Otherwise, for a complete overview of the mortgage market, visit our charts.

Although we’ve highlighted the lowest rates across our mortgage charts, borrowers should always keep in mind that the lowest rate may not be the best, or most cost effective, deal for them. Instead, it is important to consider factors such as product fees and incentives when comparing mortgage deals, as these can have a significant impact on the cost of the mortgage. Consumers unsure of which deal is right for them should consider speaking to a mortgage broker, who will be able to provide advice on the best deal for their circumstances.

The best remortgage rates

Santander

Rate: 4.65% fixed until 2 September 2026 before reverting to 7.50%

Initial period: 2 years

Product fee: £999

Maximum loan-to-value: 60%

APRC: 7.2%

_{Representative example: £178,000 mortgage over 25 years initially at 4.65% fixed for 28 months reverting to 7.50% variable for term. 28 monthly payments of £1004.60 and 272 monthly payments of £1291.63. Total amount payable £381,056.16 includes loan amount, interest of £201,452, valuation fees of £0 and product fees of £999. The overall cost for comparison is 7.2% APRC representative.}

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Santander

Rate: 4.57% fixed until 2 September 2027 before reverting to 7.50%

Initial period: 3 years

Product fee: £999

Maximum loan-to-value: 60%

APRC: 6.9%

_{Representative example: £178,000 mortgage over 25 years initially at 4.57% fixed for 40 months reverting to 7.50% variable for term. 40 monthly payments of £996.47 and 260 monthly payments of £1279.96. Total amount payable £374,252.40 includes loan amount, interest of £194,648, valuation fees of £0 and product fees of £999. The overall cost for comparison is 6.9% APRC representative.}

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NatWest

Rate: 4.18% fixed until 31 August 2029 before reverting to 8.24%

Initial period: 5 years

Product fee: £1,495

Maximum loan-to-value: 60%

APRC: 6.7%

_{Representative example: £178,000 mortgage over 25 years initially at 4.18% fixed for 64 months reverting to 8.24% variable for term. 64 monthly payments of £957.33 and 236 monthly payments of £1318.84. Total amount payable £374,390.36 includes loan amount, interest of £194,515, valuation fees of £0 and product fees of £1495. The overall cost for comparison is 6.7% APRC representative.}

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The leading two- and three-year fixed remortgage rates rose this week, with Santander now offering the lowest rates. Its two-year fixed deal charges 4.65% while its three-year deal charges a slightly lower rate of 4.57%. Both deals have a maximum loan-to-value (LTV) of 60% and charge a £999 arrangement fee.

As extra incentives, these deals offer a choice of £250 cashback or free legal fees. Borrowers in England, Wales and Northern Ireland can also receive a free valuation, while borrowers in Scotland can receive £95 towards their valuation fees.

If you’re looking for a two-year fixed remortgage deal that can finance a larger proportion of your property, Hanley Economic BS offers one at 4.99% with a maximum LTV of 80%. It charges an arrangement fee of £799 and offers a free valuation and free legal fees up to £250 (England and Wales only) as incentives. This deal features as a Moneyfacts Best Buy and is available in England, Wales and mainland Scotland.

Or, for a longer fixed term, Vernon BS offers a three-year deal that also features as a Moneyfacts Best Buy, despite the provider recently raising its rates. This deal now charges a rate of 4.69%, a £499 arrangement fee and can finance up to 80% LTV. However, borrowers should note that it doesn’t come with any extra incentives.

Unlike the shorter-term fixed deals, the lowest five-year fixed remortgage rate remains unchanged this week. NatWest continues to offer a deal at 4.18% that can finance up to 60% LTV. It charges a sizeable booking fee of £1,495 but it comes with the additional incentives of a free valuation and free legal fees.

Alternatively, Halifax offers a five-year fixed deal at 4.46% that doesn’t charge any product fees at all. With a maximum LTV of 60%, this deal also offers a free valuation, free legal fees and a £250 Green Home cashback for properties with an Energy Efficiency Rating of 81 or higher.

Compare remortgages

Best Remortgage Rates

The best mortgage rates for homemovers

Halifax

Rate: 4.60% fixed until 31 August 2026 before reverting to 8.74%

Initial period: 2 years

Product fee: £999

Maximum loan-to-value: 60%

APRC: 8.1%

_{Representative example: £218,000 mortgage over 25 years initially at 4.60% fixed for 28 months reverting to 8.74% variable for term. 28 monthly payments of £1224.12 and 272 monthly payments of £1746.99. Total amount payable £510,605.64 includes loan amount, interest of £291,457, valuation fees of £100 and product fees of £999. The overall cost for comparison is 8.1% APRC representative.}

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Nationwide BS

Rate: 4.54% fixed for 3 years before reverting to 7.99%

Initial period: 3 years

Product fee: £999

Maximum loan-to-value: 60%

APRC: 7.3%

_{Representative example: £218,000 mortgage over 25 years initially at 4.54% fixed for 36 months reverting to 7.99% variable for term. 36 monthly payments of £1216.67 and 264 monthly payments of £1634.57. Total amount payable £476,375.60 includes loan amount, interest of £257,327, valuation fees of £0 and product fees of £999. The overall cost for comparison is 7.3% APRC representative.}

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Santander

Rate: 4.54% fixed until 2 September 2027 before reverting to 7.50%

Initial period: 3 years

Product fee: £999

Maximum loan-to-value: 60%

APRC: 6.8%

_{Representative example: £218,000 mortgage over 25 years initially at 4.54% fixed for 40 months reverting to 7.50% variable for term. 40 monthly payments of £1216.67 and 260 monthly payments of £1567.08. Total amount payable £457,381.60 includes loan amount, interest of £238,108, valuation fees of £0 and product fees of £999. The overall cost for comparison is 6.8% APRC representative.}

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TSB

Rate: 4.54% fixed until 30 June 2027 before reverting to 8.74%

Initial period: 3 years

Product fee: £995

Maximum loan-to-value: 60%

APRC: 7.8%

_{Representative example: £218,000 mortgage over 25 years initially at 4.54% fixed for 38 months reverting to 8.74% variable for term. 38 monthly payments of £1216.67 and 262 monthly payments of £1729.72. Total amount payable £500,465.10 includes loan amount, interest of £281,420, valuation fees of £0 and product fees of £995. The overall cost for comparison is 7.8% APRC representative.}

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NatWest

Rate: 4.19% fixed until 31 August 2029 before reverting to 8.24%

Initial period: 5 years

Product fee: £1,495

Maximum loan-to-value: 60%

APRC: 6.6%

_{Representative example: £218,000 mortgage over 25 years initially at 4.19% fixed for 64 months reverting to 8.24% variable for term. 64 monthly payments of £1173.68 and 236 monthly payments of £1615.51. Total amount payable £457,920.88 includes loan amount, interest of £238,376, valuation fees of £0 and product fees of £1495. The overall cost for comparison is 6.6% APRC representative.}

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NatWest Int Sols

Rate: 4.19% fixed until 31 August 2029 before reverting to 8.24%

Initial period: 5 years

Product fee: £1,495

Maximum loan-to-value: 60%

APRC: 6.6%

_{Representative example: £218,000 mortgage over 25 years initially at 4.19% fixed for 64 months reverting to 8.24% variable for term. 64 monthly payments of £1173.68 and 236 monthly payments of £1615.51. Total amount payable £457,920.88 includes loan amount, interest of £238,376, valuation fees of £0 and product fees of £1495. The overall cost for comparison is 6.6% APRC representative.}

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Mortgage rates for homemovers also saw an increase this week, with the lowest two-year fixed deal now coming from Halifax at 4.60%. With a maximum LTV of 60%, borrowers will need to pay a £999 arrangement fee but can benefit from a £250 Green Home cashback if their new property has an Energy Efficiency Rating of 81 or higher.

Alternatively, Santander offers a Moneyfacts Best Buy deal at 4.92% that doesn’t charge any product fees. It can also finance a larger LTV of 75% and offers a free valuation to homemovers.

Three providers now offer the lowest rate on three-year fixed deals for homemovers. Nationwide BS, Santander and TSB all charge a rate of 4.54% and can finance a maximum LTV of 60%. Nationwide BS and Santander charge a £999 arrangement fee, while TSB charges a marginally lower fee of £995.

All these deals come with a free valuation, but Nationwide BS offers an extra incentive if you’re moving to an energy-efficient property. If your property has an Energy Efficiency Rating between 86 and 91, you could receive £250 cashback, and if its rating is 92 or above, you could double this and receive £500 cashback.

Another option to consider if you’re looking for a three-year fixed mortgage is a Moneyfacts Best Buy from Vernon BS. It charges a rate of 4.69% and a £499 booking fee. Although it doesn’t offer any extra incentives, borrowers may be interested to note that it can finance up to 80% LTV.

The lowest five-year fixed homemover mortgage rate also edged higher this week, with NatWest and NatWest Int Sols now charging the lowest rate of 4.19%. The deal from NatWest is available with the provider directly, while the deal from NatWest Int Sols is available via intermediaries. Both deals have a maximum LTV of 60%, charge a £1,495 arrangement fee and offer a free valuation as an incentive.

If you need a five-year fixed deal with a higher maximum LTV, Halifax offers a Moneyfacts Best Buy deal at 4.36% that can finance up to 75% LTV. It charges a £999 arrangement fee and offers a £250 Green Home cashback if your property has an Energy Efficiency Rating of 81 or higher.

Compare moving home mortgages

Best Moving Home Rates

The best first-time buyer mortgages

Cumberland BS

Rate: 5.07% fixed until 1 July 2026 before reverting to 8.24%

Initial period: 2 years

Product fee: £999

Maximum loan-to-value: 90%

APRC: 7.9%

_{Representative example: £168,000 mortgage over 25 years initially at 5.07% fixed for 26 months reverting to 8.24% variable for term. 26 monthly payments of £988.98 and 274 monthly payments of £1300.46. Total amount payable £383,238.52 includes loan amount, interest of £214,040, valuation fees of £0 and product fees of £999. The overall cost for comparison is 7.9% APRC representative.}

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Clydesdale Bank

Rate: 4.64% fixed until 31 July 2029 before reverting to 9.49%

Initial period: 5 years

Product fee: £1,499

Maximum loan-to-value: 90%

APRC: 7.6%

_{Representative example: £168,000 mortgage over 25 years initially at 4.64% fixed for 63 months reverting to 9.49% variable for term. 63 monthly payments of £947.20 and 237 monthly payments of £1373.40. Total amount payable £387,076.40 includes loan amount, interest of £217,169, valuation fees of £163 and product fees of £1499. The overall cost for comparison is 7.6% APRC representative.}

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Halifax

Rate: 5.47% fixed until 31 August 2026 before reverting to 8.74%

Initial period: 2 years

Product fee: £999

Maximum loan-to-value: 95%

APRC: 8.3%

_{Representative example: £168,000 mortgage over 25 years initially at 5.47% fixed for 28 months reverting to 8.74% variable for term. 28 monthly payments of £1028.66 and 272 monthly payments of £1354.76. Total amount payable £398,446.20 includes loan amount, interest of £229,297, valuation fees of £100 and product fees of £999. The overall cost for comparison is 8.3% APRC representative.}

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Family Building Society

Rate: 4.89% fixed until 30 September 2029 before reverting to 8.44%

Initial period: 5 years

Product fee: £599

Maximum loan-to-value: 95%

APRC: 7.0%

_{Representative example: £168,000 mortgage over 25 years initially at 4.89% fixed for 65 months reverting to 8.44% variable for term. 65 monthly payments of £971.37 and 235 monthly payments of £1278.01. Total amount payable £364,420.40 includes loan amount, interest of £195,471, valuation fees of £175 and product fees of £599. The overall cost for comparison is 7.0% APRC representative.}

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Unlike the mortgage rates for remortgage borrowers and homemovers, the lowest two-year fix for first-time buyers with a 10% deposit remains unchanged. Cumberland BS continues to offer a deal at 5.07% that also offers a free valuation on properties worth up to £750,000. It charges a £999 arrangement fee and is available across Great Britain (excluding London and the south-east of England).

Alternatively, HSBC offers a two-year fix with a maximum LTV of 90% that offers a £250 cashback as well as a free valuation. It charges a rate of 5.23% and a £999 booking fee, and it’s available from HSBC directly or via intermediaries.

The lowest five-year fixed deal with a maximum LTV of 90% continues to come from Clydesdale Bank at 4.64%, the same rate as last week. This deal is available via intermediaries to borrowers in Great Britain. However, despite the attractive rate, borrowers should note that the deal comes with a sizeable arrangement fee of £1,499 and doesn’t offer any extra incentives.

If you have a 10% deposit and would prefer a deal without any product fees, Cumberland BS offers a five-year fix at 4.81%. As well as no product fees, this deal also offers a free valuation as an extra incentive. Borrowers in Great Britain can apply for this deal, except those in London or the south-east of England.

The lowest two-year fix for first-time buyers with a 5% deposit rose slightly this week, with Halifax now offering the lowest rate at 5.47%. This deal comes with an arrangement fee of £999, as well as an attractive incentive of £500 cashback. Furthermore, if you’re moving to an energy-efficient home that has an Energy Efficiency Rating of 81 or higher, you could receive £1,000 cashback.

Looking for a deal with no product fees? Hanley Economic BS offers a Moneyfacts Best Buy deal for first-time buyers with a 5% deposit that doesn’t charge any product fees. At a slightly higher rate of 5.49%, this deal also offers a free valuation on properties worth up to £250,000. For those properties valued above this amount, you can receive £310 towards costs.

Those with a 5% deposit looking for a longer fix will continue to find the lowest rates offered by Family Building Society at 4.89%. This deal is a family mortgage, which means first-time buyers need a family member who is willing to use their own savings or property as security. Available to first-time buyers in England and Wales (excluding the Scilly Isles), it charges a £599 completion fee and offers a free valuation for properties worth up to £500,000, as well as £250 cashback.

If you’re a first-time buyer looking to cut down on upfront costs, Cumberland BS offers a five-year fix with a maximum LTV of 95% that doesn’t charge any product fees. At a rate of 5.10% and offering a free valuation as an extra perk, this deal features as a Moneyfacts Best Buy. It’s available across Great Britain, excluding London and the south-east of England.

Compare first-time buyer mortgages

Best First-Time Buyer Rates

Should I speak to a mortgage broker?

Mortgage brokers remove a lot of the paperwork and hassle of getting a mortgage, as well as helping you access exclusive products and rates that aren’t available to the public. Mortgage brokers are regulated by the Financial Conduct Authority (FCA) and are required to pass specific qualifications before they can give you advice.

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