Derin Clark

Derin Clark

Online Reporter
Published: 02/08/2019

This week NatWest has entered the top of many of the mortgage charts, knocking former top rates from first place positions. Away from the top of the charts, Virgin Money made headlines this week with the launch of its range of 15-year fixed rate mortgages, which is the first time a mortgage of this term has been on the residential market since 2009. Overall, the mortgage charts remained highly competitive, with good rates found across all charts.

The best moving home mortgage rates

Provider Rate Initial rate period Product fee
NatWest 1.24% variable Two years £995
NatWest 1.28%% fixed Two years £995
HSBC 1.59% fixed Three years £999
NatWest 1.72% fixed Five years £995

New to the top of the moving home mortgage chart this week was NatWest, which not only topped the chart overall but also offered the lowest two-year and five-year fixed rates as well. The best rate overall in this chart is NatWest’s 1.24% (3.8% APRC) variable rate until 31 October 2021, which reverts to 4.24% thereafter. This deal is for a maximum loan-to-value (LTV) of 60% and requires a minimum loan of £25,000 to a maximum of £2m. It charges £995 in product fees and includes the incentive of £250 cashback. Overpayments are allowed.

NatWest also topped the two-year chart offering 1.28% (3.8% APRC) fixed until 31 October 2021, after which it reverts to 4.24%. To get this deal, homeowners need a maximum 60% LTV and it requires a minimum loan of £25,000 to a maximum of £2m. The product fees charged is £995 and it includes the incentive of £250 cashback. Overpayments are allowed.

HSBC offers the best rate in the three-year fixed chart with its 1.59% (3.6% APRC) fixed until 31 October 2022, which then reverts to 4.19%. It is for a maximum LTV of 60% and requires a minimum loan of £10,000 to a maximum of £5m. It charges £999 in product fees and includes the incentive of free valuation. Overpayments are allowed

The best rate in the five-year fixed rate chart was from NatWest offering a rate of 1.72% (3.3% APRC) fixed until 31 October 2024. This rate is available on a maximum 60% LTV and requires a minimum loan of £25,000 to a maximum of £2m. It charges £995 in product fees and includes the incentive of £250 cashback. It also allows overpayments.

The best first-time buyer mortgage rates

Provider Rate Initial rate period Product fee
Newcastle Building Society 2.59% fixed Two years £498
Marsden Building Society 2.89% fixed Three years £0
Newcastle Building Society 2.90% fixed Five years £498

Newcastle Building Society topped the first-time buyer chart overall with its rate of 2.59% (5.1% APRC) fixed for two years, which then reverts to 4.49%. It is for a maximum 95% LTV and requires a minimum loan of £30,000, while the maximum is dependent on LTV. It charges £498 in product fees and while it doesn’t offer any incentives, overpayments are allowed.

Marsden Building Society offered the best rate in the three-year fixed chart with a rate of 2.89% (5.4% APRC), which is fixed until 30 September 2022 and then reverts to 6.20% thereafter. It should be noted that this mortgage requires a minimum income of £20,000 (this can be a joint income) and requires additional security from a parent. It is for a 95% LTV and requires a minimum loan of £30,000 to a maximum of £350,000. There are no product fees with this deal, and it includes the incentive of free valuation for properties to a maximum of £500,000. Overpayments are allowed.

For first-time buyers looking to lock their rate into a long-term fixed deal and who do not want a deal that requires a deposit from a parent to be used as security, Newcastle Building Society offers the best rate. Newcastle Building Society offers a rate of 2.90% (4.8% APRC) fixed until 31 October 2024, which then reverts to 5.99%. This is for a 95% LTV and requires a minimum loan of £30,000, while the maximum is dependent on LTV. It charges £498 in product fees and, although no incentives are included, it allows the flexibility of overpayments.

The best remortgage rates

Provider Rate Initial rate period Product fee
Furness Building Society 1.29% discounted variable Two years £999
HSBC 1.34% fixed Two years £999
HSBC 1.59% fixed Three years £999
Barclays Mortgage 1.74% fixed Five years £999

Furness Building Society continued to top the remortgage chart overall this week with a discounted variable rate of 1.29% (5.2% APRC) for two years, after which it reverts to 5.79%. It is for a maximum LTV of 60% and requires a minimum loan of £30,000, while the maximum is dependent on LTV. This deal charges £999 in product fees and includes the incentives of free valuation (up to a maximum of £665) and free legal fees or £150 towards legal fees. Overpayments are allowed.

HSBC offered the top rate in the two-year fixed chart with its 1.34% (3.8% APRC) fixed to 31 October 2021, which then reverts to 4.19%. This deal is for a maximum 60% LTV and requires a minimum loan of £10,000 to a maximum of £5m. A total of £999 product fees is charged, and it includes the incentives of free valuation and free legal fees. It allows overpayments. HSBC also topped the three-year fixed rate chart with a rate of 1.59% (3.6 APRC) fixed until 31 October 2022, which then reverts to 4.19%. All the terms and conditions of this deal are the same as the two-year fixed rate version.

The top rate in the five-year fixed chart that does not require a substantial minimum income is from Barclays Mortgage, which is offering a rate of 1.74% (3.3%) fixed until 31 October 2024, after which it reverts to 4.24%. It is for a 60% LTV and requires a minimum loan of £5,000 to a maximum of £11m. It charges £999 in product fees and includes the incentives of free valuation for properties to a value of £2m and free legal fees or £400 cashback. Overpayments are allowed. 

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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