The best residential mortgage rates this week 03.01.20 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 03/01/2020

Those looking for a mortgage this week will be pleased to see that the mortgage charts have remained highly competitive at the start of 2020, with the top rates available at the end of 2019 still on offer.

While the mortgage rate offered is an important consideration when choosing a deal, borrowers should look at the product overall when choosing the right mortgage for their needs. For example, considerations such as product fees and incentives included in the deal are vital when choosing the right mortgage deals for personal circumstances.

The best mortgage rates for home-movers

Provider Rate Initial rate period Product fee
Halifax 1.17% fixed Two years £995
HSBC 1.44% fixed Three years £999
Halifax 1.46% fixed Five years £995

The moving home mortgage chart continued to offer highly competitive rates over the Christmas period. Halifax remained at the top of the chart offering a rate of 1.17% (3.8% APRC) fixed until 28 February 2022, after which it reverts to 4.24%. This deal is available to those looking for a 60% loan-to-value (LTV) and charges £995 in product fees. There are no incentives with this deal. Halifax also remained at the top of the five year chart this week offering a rate of 1.46% (3.2% APRC) fixed until 28 February 2025, reverting to 4.24% thereafter. This deal has the same terms and conditions as the two year fixed deal.

The lowest rate in the three year fixed moving home chart this week came from HSBC offering 1.44% (3.6% APRC) fixed until 31 March 2023, which then reverts to 4.19%. This deal is available to borrowers looking for a 60% LTV and charges £999 in product fees. It comes with the incentive of free valuation.

The best first-time buyer mortgage rates

Provider Rate Initial rate period Product fee
Bath Building Society 2.49% discounted variable Three years £872
Newcastle Building Society 2.59% fixed Two years £498
Bath Building Society 2.59% fixed Three years £872
Barclays Mortgage 2.75% fixed Five years £0

There was no movement at the top of the first-time buyer charts this week, with Bath Building Society topping the chart offering a rate of 2.49% (4.8% APRC) discounted variable for three years, which then reverts to 5.44%. This deal is only available to borrowers looking for a 95% LTV and who have a minimum earned income of £35,000. It charges £872 in product fees and there are no incentives with this deal. Bath Building Society also topped the three year fixed chart this week offering a rate of 2.59% (4.9% APRC) fixed for three years, which reverts to 5.44% thereafter. This deal has the same terms and conditions as the discounted variable deal.

Newcastle Building Society continued to offer the lowest rate for those in all areas of Great Britain. It offers a rate of 2.59% (5.2% APRC) fixed until 28 February 2022, which then reverts to 4.49%. It is available for those looking for a 95% LTV and charges £498 in product fees. There are no incentives with this deal.

Continuing to offer the lowest rate in the five year fixed chart this week was Barclays Mortgage, offering 2.75% (3.7% APRC) fixed until 31 January 2025 and then reverts to 4.24%. This deal is available to those looking for a 95% LTV. It does not charge any product fees and comes with the incentive of free valuation for properties valued to a maximum of £2m. First-time buyers should be aware that this deal is part of Barclays’ Springboard – A Helpful Start Account and as such comes with additional terms and conditions.

The best remortgage rates

Provider Rate Initial rate period Product
NatWest Int Sols 1.19% fixed Two years £995
HSBC 1.44% fixed Three years £999
Santander 1.39% fixed Five years £1,499

Those looking to remortgage this week will find that the lowest rate in the remortgage chart comes from NatWest Int Sols offering 1.19% (3.8% APRC) fixed until 31 March 2022, which then reverts to 4.24%. This deal is available to borrowers looking for a 60% LTV and charges £995 in product fees. It comes with the incentives of free valuation and no legal fees.

HSBC topped the three year fixed remortgage chart this week offering a rate of 1.44% (3.6% APRC) fixed until 31 March 2023 and then reverts to 4.19%. This deal is available to those looking for a 60% LTV and who have a minimum income of £15,000. It charges £999 in product fees and comes with the incentives of free valuation and no legal fees.

The lowest rate in the five year fixed remortgage chart this week comes from Santander, which offers 1.39% (3.1% APRC) fixed until 2 April 2025, which then reverts to 4.00%. This deal is available to borrowers looking for a 60% LTV and charges £1,499 in product fees. It comes with the incentives of free valuation 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.

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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