Last updated: 13 March 2024 at 14:30
As average mortgage rates rise month-on-month, several of the leading rates also increased.
After providers such as Halifax and Santander raised some of their fixed-rate mortgages this week, several of the leading mortgage rates have increased.
This doesn’t come as much of a surprise as, after six months of cuts, average two- and five-year fixed mortgage rates increased between February and March, according to Moneyfacts data.
At the same time, the average shelf-life of a mortgage product fell from 28 days at the start of February to 15 days at the start of March, which means borrowers have needed to act quickly to secure the deal they want.
“Lenders reacted to the change in swap rates, leading to numerous repricing of fixed rate deals, no doubt making it a challenging situation for borrowers and brokers to keep on top of the changes,” commented Rachel Springall, Finance Expert at Moneyfacts.
“The rate volatility led to a rise in both the overall average two- and five-year fixed rates, the opposite direction borrowers may well have hoped for after positive rate cuts recorded a month prior,” she continued.
Below, we identify some of the lowest mortgage rates available for different types of buyers. But, as the lowest rate doesn’t necessarily make a mortgage product the best or most cost-effective for you, we’ve also identified some alternatives, including providers that appear on our Moneyfacts Best Buy charts.
For a wider overview of the mortgage market, take a look at 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.
Rate: 4.60% fixed until 31 May 2026 before reverting to 8.74%
Initial period: 2 years
Product fee: £999
Maximum loan-to-value: 60%
APRC: 8.2%
Representative example: £178,000 mortgage over 25 years initially at 4.60% fixed for 26 months reverting to 8.74% variable for term. 26 monthly payments of £999.51 and 274 monthly payments of £1429.06. Total amount payable £418,928.70 includes loan amount, interest of £239,550, valuation fees of £0 and product fees of £999. The overall cost for comparison is 8.2% APRC representative.
Rate: 4.51% fixed for 3 years before reverting to 8.74%
Initial period: 3 years
Product fee: £1,999
Maximum loan-to-value: 60%
APRC: 7.9%
Representative example: £178,000 mortgage over 25 years initially at 4.51% fixed for 36 months reverting to 8.74% variable for term. 36 monthly payments of £990.39 and 264 monthly payments of £1414.64. Total amount payable £411,598.00 includes loan amount, interest of £231,119, valuation fees of £0 and product fees of £1999. The overall cost for comparison is 7.9% APRC representative.
Rate: 4.20% fixed until 31 July 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 4.20% fixed for 64 months reverting to 8.24% variable for term. 64 monthly payments of £959.32 and 236 monthly payments of £1319.33. Total amount payable £374,633.36 includes loan amount, interest of £194,758, valuation fees of £0 and product fees of £1495. The overall cost for comparison is 6.7% APRC representative.
Halifax continues to offer the lowest two-year fix for those looking to remortgage at a rate of 4.60%. With a maximum loan-to-value (LTV) of 60%, this deal charges a £999 arrangement fee and offers a free valuation and free legal fees as incentives. Owners of an energy-efficient home may find this deal particularly attractive as Halifax offers a Green Home cashback of £250 if your property has an Energy Efficiency rating of 81 or higher.
Alternatively, first direct offers a Moneyfacts Best Buy deal at 4.99%. This two-year fix can finance up to 80% of your property and charges a smaller fee of £490. It also offers a free valuation and free legal fees as incentives.
MPowered Mortgages offers the leading three-year fixed remortgage deal for yet another week at 4.51%. But, despite offering the lowest rate, borrowers need to factor in the cost of the sizeable arrangement fee of £1,999. Available via intermediaries to homeowners in England and Wales, this deal can finance up to 60% LTV and offers a free valuation and free legal fees.
Vernon BS offers a three-year fix at a slightly higher rate of 4.59% but with a lower arrangement fee of £499. This deal can also finance up to 80% LTV and, despite offering no extra incentives, it features as a Moneyfacts Best Buy. It is available to borrowers in England and Wales.
The lowest five-year fix for remortgage borrowers continues to come from NatWest at 4.20%. It has a maximum LTV of 60% and charges a relatively large booking fee of £1,495, but borrowers can also receive a free valuation and free legal fees as incentives.
Borrowers needing to finance a larger proportion of their property could consider the five-year fix from Cumberland BS at 4.53% This deal has a maximum LTV of 85% and is available across Great Britain. With a £999 arrangement fee, this deal also offers free legal fees and a free valuation for properties valued up to £750,000.
Rate: 4.54% fixed until 30 June 2026 before reverting to 8.74%
Initial period: 2 years
Product fee: £899
Maximum loan-to-value: 60%
APRC: 8.1%
Representative example: £218,000 mortgage over 25 years initially at 4.54% fixed for 27 months reverting to 8.74% variable for term. 27 monthly payments of £1216.67 and 273 monthly payments of £1747.83. Total amount payable £511,036.68 includes loan amount, interest of £292,008, valuation fees of £0 and product fees of £899. The overall cost for comparison is 8.1% APRC representative.
Rate: 4.47% fixed for 3 years before reverting to 8.74%
Initial period: 3 years
Product fee: £1,999
Maximum loan-to-value: 60%
APRC: 7.9%
Representative example: £218,000 mortgage over 25 years initially at 4.47% fixed for 36 months reverting to 8.74% variable for term. 36 monthly payments of £1208.01 and 264 monthly payments of £1731.84. Total amount payable £502,843.12 includes loan amount, interest of £282,694, valuation fees of £0 and product fees of £1999. The overall cost for comparison is 7.9% APRC representative.
Rate: 4.24% fixed until 30 April 2029 before reverting to 6.99%
Initial period: 5 years
Product fee: £999
Maximum loan-to-value: 60%
APRC: 6.0%
Representative example: £218,000 mortgage over 25 years initially at 4.24% fixed for 61 months reverting to 6.99% variable for term. 61 monthly payments of £1179.77 and 239 monthly payments of £1476.15. Total amount payable £425,909.82 includes loan amount, interest of £206,766, valuation fees of £0 and product fees of £999. The overall cost for comparison is 6.0% APRC representative.
After Santander increased some of its rates, Barclays Mortgage now offers the lowest two-year fixed mortgage for homemovers at 4.54%. With a maximum LTV of 60% and an £899 arrangement fee, this deal comes with the perk of a free valuation.
Alternatively, if you’re moving to an energy-efficient home, Nationwide BS has a two-year fix at 4.69% that offers £250 cashback if your property has an Energy Efficiency rating between 86 and 91, or £500 cashback for those with a rating of 92 or higher. It has a maximum LTV of 60% and charges a £999 arrangement fee. As well as the Green Reward, Nationwide BS also offers a free valuation with this deal.
In addition to offering the lowest three-year fix for remortgage borrowers, MPowered Mortgages offers the lowest three-year fix for homemovers at 4.47%. Borrowers in England and Wales can apply for this deal via an intermediary and would need to pay a hefty arrangement fee of £1,999. It can finance up to 60% LTV and offers the incentive of a free valuation.
Homemovers in Great Britain wanting a deal with a higher maximum LTV could consider the three-year fix from TSB at 4.79% that can finance up to 85% of your property’s value. Featuring as a Moneyfacts Best Buy, this deal charges a £995 arrangement fee and offers a free valuation.
At 4.24%, HSBC offers the lowest five-year fix for homemovers who want to lock into a deal for a longer period. It has a maximum LTV of 60%, charges a £999 booking fee and offers borrowers the incentive of a free valuation.
For a deal with no product fees, homemovers could consider the five-year fix from first direct at 4.44%. As well charging no upfront fees, this deal also offers a free valuation. Borrowers can use this deal to finance up to 60% LTV.
Rate: 5.07% fixed until 1 May 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 25 months reverting to 8.24% variable for term. 25 monthly payments of £988.98 and 275 monthly payments of £1301.37. Total amount payable £383,800.25 includes loan amount, interest of £214,601, valuation fees of £0 and product fees of £999. The overall cost for comparison is 7.9% APRC representative.
Rate: 4.59% fixed until 31 May 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 4.59% fixed for 62 months reverting to 9.49% variable for term. 62 monthly payments of £942.40 and 238 monthly payments of £1373.79. Total amount payable £387,297.82 includes loan amount, interest of £217,391, valuation fees of £163 and product fees of £1499. The overall cost for comparison is 7.6% APRC representative.
Rate: 5.30% fixed for 2 years before reverting to 8.49%
Initial period: 2 years
Product fee: £999
Maximum loan-to-value: 95%
APRC: 8.2%
Representative example: £168,000 mortgage over 25 years initially at 5.30% fixed for 24 months reverting to 8.49% variable for term. 24 monthly payments of £1011.70 and 276 monthly payments of £1330.49. Total amount payable £392,550.04 includes loan amount, interest of £223,496, valuation fees of £230 and product fees of £649. The overall cost for comparison is 8.2% APRC representative.
Rate: 5.30% fixed until 31 July 2026 before reverting to 6.94%
Initial period: 2 years
Product fee: £999
Maximum loan-to-value: 95%
APRC: 6.9%
Representative example: £168,000 mortgage over 25 years initially at 5.30% fixed for 28 months reverting to 6.94% variable for term. 28 monthly payments of £1011.70 and 272 monthly payments of £1168.72. Total amount payable £347,663.44 includes loan amount, interest of £178,219, valuation fees of £265 and product fees of £999. The overall cost for comparison is 6.9% APRC representative.
Rate: 4.79% fixed until 30 June 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 4.79% fixed for 63 months reverting to 8.44% variable for term. 63 monthly payments of £961.67 and 237 monthly payments of £1278.04. Total amount payable £364,429.69 includes loan amount, interest of £195,481, valuation fees of £175 and product fees of £599. The overall cost for comparison is 7.0% APRC representative.
Cumberland BS offers the lowest two-year fixed mortgage for first-time buyers with a 10% deposit. Charging 5.07% and a £999 arrangement fee, this Moneyfacts Best Buy deal offers a free valuation for properties worth up to £750,000. It is available to buyers in Great Britain, excluding London and the south-east of England.
First-time buyers with a 10% deposit who want to cut down on upfront costs could consider the two-year fix from Leeds BS at 5.39%. This deal doesn’t charge any additional product fees and throws in a free valuation as an extra perk.
At a rate of 4.59%, Clydesdale Bank offers the lowest five-year fix with a maximum LTV of 90% for another week. Available via intermediaries to first-time buyers in Great Britain, this deal charges a sizeable arrangement fee of £1,499 and doesn’t offer any extra incentives.
If you’d prefer a deal with a lower upfront cost and some extra incentives, HSBC offers a five-year fix for those with a 10% deposit at a rate of 4.71%. This deal charges a £999 booking fee and offers borrowers a free valuation and £500 cashback, which could help first-time buyers with some of the costs of moving into their new home.
Borrowers with a 5% deposit will find the lowest two-year fix is offered jointly by Monmouthshire BS and Newcastle BS at 5.30%.
Available to first-time buyers in Wales and England (excluding the Scilly Isles), the deal from Monmouthshire BS charges £649 in product fees and features as a Moneyfacts Best Buy. Meanwhile, the deal from Newcastle BS is available across Great Britain and charges a £999 completion fee. Neither of these deals offer any extra incentives.
Alternatively, TSB offers a Moneyfacts Best Buy deal at 5.64% that doesn’t charge any additional product fees. Available to first-time buyers in Great Britain with a 5% deposit, this two-year fixed deal also offers a free valuation and £500 cashback.
Family Building Society continues to offer the lowest five-year fix for first-time buyers with a 5% deposit at 4.79% This deal is a family mortgage, which means the family of first-time buyers can help them get on the property ladder by using their own savings or property as security.
It charges a £599 completion fee and offers a free valuation for properties worth up to £500,000, as well as £250 cashback. This deal is available to first-time buyers in England and Wales (excluding the Scilly Isles).
Alternatively, Cumberland BS offers a five-year fix with a maximum LTV of 95% at a rate of 5.10%. This doesn’t charge any additional product fees and offers a free valuation on properties worth up to £750,000. It is available to borrowers in Great Britain, excluding London and the south-east of England.
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.
MAB is the preferred mortgage broker of MoneyfactsCompare
Get friendly, expert advice free of charge as a visitor of MoneyfactsCompare
Mortgage Advice Bureau have 1,600 UK advisers with 200 awards between them.
Speak to an award-winning mortgage broker today.
Call 0808 149 9177 or request a callback
Mortgage Advice Bureau offers fee free mortgage advice for MoneyfactsCompare visitors that call on 0808 149 9177. If you contact Mortgage Advice Bureau outside of these channels you may incur a fee of up to 1%. Lines are open Monday to Friday 8am to 8pm and Saturday 9am to 1pm excluding bank holidays. Calls may be recorded.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfactscompare.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.