The best residential mortgage rates this week 10.01.20 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 10/01/2020

The mortgage sector has seen a slow start to 2020 with little activity at the top of the charts. Saying this, after a highly competitive mortgage sector last year, there are still extremely competitive rates for borrowers wanting to take out a mortgage or who are looking to remortgage.

When looking for the best mortgage, borrowers should keep in mind that the lowest rate available might not be the best mortgage deal for their needs. Instead, borrowers should consider a range of factors such as product fees, incentives and flexible features, when choosing a mortgage deal.

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

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

Offering the lowest rate in the three year fixed moving home chart this week was HSBC offering 1.44% (3.6% APRC) fixed until 31 March 2023, reverting to 4.19% variable thereafter. This deal is available to those looking for a 60% LTV and requires a minimum earned income of £15,000. It charges £999 in product fees and 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

For those based outside Northern Ireland, Bath Building Society continued to offer the lowest rate in the first-time buyer chart offering a discounted variable rate of 2.49% (4.8% APRC) for three years, reverting to 5.44% thereafter. This deal is available to those looking for a 95% LTV and it requires a minimum earned income of £35,000. The product fees on this deal are £872 and there are no incentives. In addition to this deal, Bath Building Society also continued to offer the lowest rate in the three year fixed chart offering 2.59% (4.9% APRC), which is fixed for three years and then reverts to 5.44% variable. This deal has the same terms and conditions as the discounted variable deal.

This week saw Newcastle Building Society continue to offer the lowest two year fixed deal for those located in all areas of Great Britain. Newcastle Building Society offers 2.59% (5.2% APRC) fixed until 28 February 2022, which then reverts to 4.49% variable. This deal is available to borrowers looking for a 95% LTV and it charges £498 in product fees. There are no incentives with this mortgage.

The lowest rate in the five year fixed chart once again came from Barclays Mortgage this week offering 2.75% (3.7% APRC) fixed until 30 April 2025, reverting to 4.24% variable thereafter. It is available to first-time buyers looking for a 95% LTV. There are no product fees with this deal, which comes with the incentive of free valuation for properties valued to a maximum of £2m. Borrowers should note 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 fee
NatWest Int Sols 1.19% fixed Two years £995
HSBC 1.44% fixed Three years £999
Santander 1.39% fixed Five years £1,499

The lowest rate in the remortgage chart was once again being offered by NatWest Int Sols this week, offering 1.19% (3.8% APRC) fixed until 31 March 2022, which then reverts to 4.24% variable. This deal is available to those looking for a 60% LTV it charges £995 in product fees. This deal comes with the incentives of free valuation and no legal fees.

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

This week Santander offered the lowest rate in the five year fixed chart offering 1.39% (3.1% APRC) fixed until 2 April 2025, which then reverts to 4.00% variable. This deal is available to those 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.

Borrowers who are interested in any of these deals can speak to a mortgage broker for more information.

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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