The Best Residential Mortgage Rates 30.10.20 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 30/10/2020

Today’s Nationwide House Price Index revealed that the housing market remained strong with house prices rising to their highest level since 2015 despite the current economic challenges. As well as this, although average mortgage rates have risen slightly over the last six months, rates in the remortgage and moving home charts remain highly competitive. First-time buyers, however, will still struggle to find competitive deals as lenders have yet to reintroduce deals for those with 10% deposits or lower.

Mortgage borrowers should be aware that below we have highlighted the lowest rates available in each chart, but these might not be the best deal for their circumstances. Instead, when looking at mortgage deals borrowers should consider a range of factors including product fees, incentives and flexible features, along with the rate, to determine the best one.

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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

 

The lowest rate in the two year fixed remortgage chart this week came from Lloyds Bank offering 1.17% (3.2% APRC) fixed until 28 February 2023, which then reverts to 3.59%. This deal is available to those looking for a 60% loan-to-value (LTV) and charges £999 in product fees. It comes with the incentive of free valuations, no legal fees and £200 cashback for Club Lloyds account holders. Lloyds Bank also had the lowest five year fixed remortgage rate this week offering 1.39% (2.8% APRC) fixed until 28 February 2026, after which it reverts to 3.59%. This deal has the same terms and conditions as the two year fixed deal.

In the three year fixed remortgage chart Coventry Building Society had the lowest rate of 1.45% (3.7% APRC) fixed until 31 December 2023 and then reverts to 3.99%. This deal is available at a 65% LTV. It charges £999 in product fees and comes with the incentive of free valuations 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

 

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

The lowest three year moving home mortgage rate came from Barclays Mortgage offering 1.49% (3.1% APRC) fixed until 31 January 2024, which then reverts to 3.59%. It is available for those looking for a 60% LTV and charges £999 in product fees. This deal comes with the incentive of free valuations for properties valued to a maximum of £2 million.

HSBC had the lowest five year fixed moving home mortgage rate this week offering 1.41% (2.8% APRC) fixed until 31 December 2025. This deal is available at a 60% LTV. It charges £1,499 in product fees and comes with the incentive of free valuations, although is only available to those with an income of over £75,000.

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

 

The first-time buyer mortgage market remains highly challenging and first-time buyers should consider speaking to a mortgage broker who will be able to advise them of the current deals available for their deposit amount and circumstances.

Despite the challenging market there are still mortgages available for first-time buyers. The lowest rate in the two year fixed first-time buyer chart came from Nationwide Building Society which offers 3.49% (3.7% APRC) fixed for two years and then reverts to 3.59%. This deal is available at a 90% LTV and charges £999 in product fees. It comes with the incentive of free valuations and £500 cashback.

The lowest five year first-time buyer mortgage rate comes from Barclays Mortgage offering 3.05% (2.8% APRC) fixed until 31 January 2026, after which it reverts to 3.05%. This deal is available at a 95% LTV and requires assistance from a family member. It does not charge any product fees and comes with the incentive of free valuations 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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