The Best Mortgage Rates 06.11.20 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 06/11/2020

The mortgage market remains challenging for first-time buyers and those with a deposit of 10% may want to consider speaking to a mortgage broker to discuss the best options available to them. For homeowners looking to remortgage or move house, the charts still offer some highly competitive rates, with two year fixed deals from as low as 1.17%.

Although we have highlighted the lowest rates available in the mortgage charts, when looking at mortgage deals, it is important to remember that the lowest rate on offer may not be the best deal for individual circumstances. Instead, borrowers should consider a range of factors including product fees, incentives and flexible features.

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Contact our preferred mortgage broker to find out more about the best deals available and for help in finding a mortgage lender.

The best remortgage rates

Provider Rate Initial rate period Product fee
Lloyds Bank 1.17% fixed Two years £999
Coventry Building Society 1.45% fixed Three years £999
Lloyds Bank 1.39% fixed Five years £999

 

Lloyds Bank continued to offer the lowest rates in the two and five year fixed remortgage charts this week. In the two year chart, it offers 1.17% (3.2% APRC) fixed until 28 February 2023, after which it reverts to 3.59% variable. In the five year chart, it offers a rate of 1.39% (2.8% APRC) fixed until 28 February 2026, which then reverts to 3.59% variable. Both deals are available at a 60% loan-to-value (LTV). They charge £999 in product fees and come with the incentives of free valuation and no legal fees, as well as £200 cashback for Club Lloyds account holders.

The lowest three year remortgage rate came from Coventry Building Society this week, which offers 1.45% (3.8% APRC) fixed until 31 December 2023 and then reverts to 3.99% variable. This deal is available at a 65% LTV. It charges £999 in product fees and comes with the incentives of free valuation (up to a maximum of £670) and no legal fees.

Compare remortgages

All the rates available can be found on our remortgage chart.

The best mortgage rates for home-movers

Provider Rate Initial rate period Product fee
Halifax 1.28% fixed Two years £995
Barclays Mortgage 1.49% fixed Three years £999
HSBC 1.41% fixed Five years £1,499

 

The lowest two year moving home mortgage rate this week came from Halifax, which offers 1.28% (3.2% APRC) fixed until 28 February 2023 and then reverts to 3.59% variable. This deal is available to those looking for a 60% LTV. It charges £995 in product fees and there are no incentives.

The lowest three-year option comes from Barclays Mortgage, which offers 1.49% (3.1% APRC) fixed until 31 January 2024, after which it reverts to 3.59% variable. This deal is available at a 60% LTV. It charges £999 in product fees and comes with the incentive of free valuation for properties valued to a maximum of £2 million.

In the five year chart, the lowest rate came from HSBC, although borrowers should be aware that the deal requires a minimum income of £75,000. This deal offers a rate of 1.41% (2.8% APRC) fixed until 31 December 2025, which then reverts to 3.54% variable. It charges £1,499 in product fees and comes with the incentive of free valuation.

Compare moving home mortgages

All the rates available can be found on our moving home chart.

The best first-time buyer mortgage rates

Provider Rate Initial rate period Product fee
Nationwide Building Society 3.49% fixed Two years £999
Barclays Mortgage 3.05% fixed Five years £0

 

First-time buyers with a deposit of 10% or less will still struggle to find a mortgage deal in the current market and should consider speaking to a mortgage broker to discuss options.

In the two year fixed first-time buyer chart, the lowest rate on a deal without local restrictions comes from Nationwide Building Society, which offers a rate of 3.49% (3.7% APRC) fixed for two years and then reverts to 3.59% variable. This deal is available at a 90% LTV. It charges £999 in product fees and comes with the incentives of free valuation and £500 cashback.

In the five year fixed first-time buyer chart, Barclays Mortgage continued to offer the lowest rate of 3.05% (2.8% APRC) fixed until 31 January 2026, after which it reverts to 2.59% variable. This deal is available at a 95% LTV but requires assistance from a family member. There are no product fees and it comes with the incentive of free valuation for properties valued to a maximum of £2 million.

Compare first-time buyer mortgages

All the rates available can be found on our first-time buyer mortgage chart.

Disclaimer

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.

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