The Best Residential Mortgage Rate 26.3.21 | moneyfacts.co.uk

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Derin Clark

Derin Clark

Online Reporter
Published: 26/03/2021

First-time buyers will be pleased to see that competition within this market has increased over the last few weeks, with more lenders now offering mortgage deals for those with a 10% or lower deposit. In addition to this, as the lowest rates highlighted below reveal, competition within the remortgage and moving home charts have remained strong this week and homeowners looking for a new mortgage deal can get some competitive low rates at the moment.

Borrowers looking for a mortgage deal should keep in mind that the lowest rate on offer may not be the best deal. Instead, borrowers should consider all aspects of the deal, including features such as incentives, product fees and flexibility, when choosing the best deal for their needs. Those who would like more help when choosing the right deal should consider speaking to a mortgage broker, who will be able to discuss their needs and take this into account when highlighting the best deals available.

The best remortgage rates

Provider Rate Initial rate period Product fee
Platform 1.06% fixed Two years £1,499
Coventry Building Society 1.39% fixed Three years £999
Platform
Santander
Nationwide Building Society
1.24% fixed
1.24% fixed
1.24% fixed
Five years
Five years
Five years
£1,499
£1,499
£1,499

 

Platform, which is part of The Co-operative Bank, continued to offer the lowest rate in our two year fixed remortgage chart this week. It offers 1.06% (3.9% APRC) fixed until 30 June 2023 and then reverts to 4.34%. This deal is available at a 60% loan-to-value (LTV). It charges £1,499 in product fees and comes with the incentive of free valuations, no legal fees and £250 cashback.

The lowest rate in our three year fixed remortgage chart this week continued to come from Coventry Building Society which offers 1.39% (3.7% APRC) fixed until 30 June 2024, after which it reverts to 3.99%. This deal is available to those looking for a 50% LTV and charges £999 in product fees. It comes with the incentive of free valuations up to a maximum of £670 and no legal fees.

Platform, Santander and Nationwide Building Society all continued to offer the lowest rate in our five year fixed remortgage chart this week. Platform offers 1.24% (3.2% APRC) fixed until 30 June 2026 and then reverts to 4.34%. The deal is available at a 60% LTV and charges £1,499 in product fees. It comes with the incentive of free valuations, no legal fees and £250 cashback. Santander offers 1.24% (2.6% APRC) fixed until 2 July 2026, which then reverts to 3.35%. This deal is available at a 70% LTV and requires a minimum loan of £350,000. It charges £1,499 in product fees and comes with the incentive of free valuations to a maximum of £1,190 for those in England, Wales and Northern Ireland or £95 towards valuations for those in Scotland, as well as £250 cashback on completion or no legal fees. Nationwide Building Society offers 1.24% (2.8% APRC) fixed for five years, after which it reverts to 3.59%. This deal is available to those looking for a 60% LTV and who require a minimum loan of £300,000. It charges £1,499 in product fees and comes with the incentive of free valuations and £500 on completion or no legal fees.

Compare remortgages

The best mortgage rates for home-movers

Provider Rate Initial rate period Product fee
Platform 1.06% fixed Two years £1,499
TSB 1.34% fixed Three years £995
Nationwide Building Society
Platform

1.24% fixed

1.24% fixed

Five years

Five years

£1,499

£1,499

 

The lowest rate in our two year fixed moving home chart this week came from Platform which offers 1.06% (3.8% APRC) fixed until 30 June 2023 and then reverts to 4.34%. This deal is available to those looking for a 60% LTV and charges £1,499 in product fees. It comes with the incentive of free valuations and £250 cashback.

TSB continued to have the lowest rate in our three year fixed moving home chart this week. It offers 1.34% (3.1% APRC) fixed until 31 May 2024, after which it reverts to 3.59%. This deal is available at a 60% LTV. It charges £995 in product fees and comes with the incentive of free valuations.

Both Nationwide Building Society and Platform continued to offer the lowest five year fixed moving home rate in our chart this week. Nationwide Building Society offers 1.24% (2.8% APRC) fixed for five years and then reverts to 3.59%. It is available at a 60% LTV and requires a minimum loan of £275,000. The deal charges £1,499 in product fees and comes with the incentive of free valuations. Platform offers 1.24% (3.2% APRC) fixed until 30 June 2026 which then reverts to 4.34%. This deal is available at a 60% LTV and charges £1,499 in product fees. It comes with the incentive of free valuations and £250 cashback.

Compare moving home mortgages

The best first-time buyer mortgage rates

Provider Rate Initial rate period Product fee
Coventry Building Society
Platform
Clydesdale Bank

2.99% fixed

2.99% fixed
2.99% fixed

Two years

Two years
Two years

£999

£1,499
£1,999

Tipton & Coseley Building Society 3.09% fixed Five years £0

 

The last week has seen a number of new lenders re-entering the first-time buyer chart, resulting in Coventry Building Society, Platform and Clydesdale Bank all offering the lowest two year fixed rate. Coventry Building Society offers 2.99% (4.2% APRC) fixed until 30 June 2023 and then reverts to 3.99%. This deal is available to first-time buyers looking for a 90% LTV and charges £999 in product fees. It comes with the incentives of free valuations to a maximum of £670. Platform offers 2.99% (4.2% APRC) fixed until 30 June 2023 and then reverts to 4.34%. It is available at a 90% LTV and charges £1,499 in product fees. It comes with the incentive of free valuations and £250 cashback. Clydesdale Bank offers 2.99% (4.5% APRC) fixed until 30 June 2023, after which it reverts to 4.55%. The deal is available at a 90% LTV and requires a minimum loan of £80,000. It charges £1,999 in product fees and comes with the incentive of free valuations on properties valued to a maximum of £3 million.

As well as these deals, Digital Mortgages by Atom Bank also offers 2.99% at a 90% LTV, but this deal requires a £350,000 minimum loan. Penrith Building Society also offers 2.99% at a 90% LTV, but this deal is only available to those living in Cumbria. Those interested in these deals should visit our two year fixed first-time buyer chart or speak to a mortgage broker for more information.

In our five year fixed first-time buyer chart, Tipton & Coseley Building Society continued to offer the lowest rate on its guarantor mortgage deal. This deal offers 3.09% (4.3% APRC) fixed until 30 April 2026, which then reverts to 4.94%. Borrowers need a minimum deposit of just 1%, up to a maximum of 10%, with the remaining security of up to the value of 20% being made up of either Tipton’s collateral charge or savings deposit option. It does not charge any product fees.

Compare first-time buyer mortgages

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