The Best Mortgage Rates This Week 10.07.20 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 10/07/2020

This week, the Chancellor announced that the Government was increasing the stamp duty threshold on properties in England and Northern Ireland from £125,000 to £500,000 until 31 March 2021. It is hoped that the changes to stamp duty will help get the housing market moving again, especially as last month house price growth turned negative for the first time since 2012. Consumers looking to move home will not only benefit from the stamp duty threshold rise, but also by the fact that moving home mortgage rates have remained highly competitive.

Below we have highlighted the lowest rates available in the charts this week, but when deciding on a deal, borrowers should consider more than just the initial rate. Factors such as fees, interest rate type and flexibility in a mortgage should also form part of the decision-making process. Borrowers who need help in deciding which mortgage is right for them should consult a mortgage broker.

The best remortgage rates

Provider Rate Initial rate period Product fee
Lloyds Bank 1.13% fixed Two years £999
Barclays Mortgage
HSBC
1.29% fixed
1.29% fixed
Three years
Three years
£999
£999
Lloyds Bank 1.35% fixed Five years £999

 

Homeowners looking to remortgage at a 60% loan-to-value (LTV) this week will find that Lloyds Bank continued to offer the lowest two year fixed rate. It offers 1.13% (3.3% APRC) fixed until 31 August 2022, which then reverts to 3.59% variable. This deal charges £999 in product fees. It comes with the incentives of free valuation and no legal fees.

Both Barclays Mortgage and HSBC offered the lowest rate of 1.29% at a 60% LTV in the three year fixed remortgage chart. Barclays Mortgage offers 1.29% (3.1% APRC) fixed until 31 July 2023, which then reverts to 3.59% variable. This deal charges £999 in product fees. It comes with the incentives of free valuation and no legal fees. HSBC offers 1.29% (3.1% APRC) fixed until 30 September 2023, reverting to 3.54% variable thereafter. This deal charges £999 in product fees and comes with the incentives of free valuation and no legal fees.

Lloyds Bank also continued to have the lowest rate in the five year fixed remortgage chart at a 60% LTV this week. It offers 1.35% (2.8% APRC) fixed until 31 August 2025 and then reverts to 3.59% variable. This deal charges £999 in product fees. It comes with the incentive for free valuation, no legal fees and £200 cashback for Club Lloyds account holders .

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 fees
Barclays Mortgage 1.09% fixed Two years £999
HSBC
Barclays Mortgage
1.29% fixed
1.29% fixed
Three years
Three years
£999
£999
HSBC 1.36% fixed Five years £1,499

 

The lowest two year fixed rate moving home deal at a 60% LTV came from Barclays Mortgage this week. Barclays Mortgage offers a rate of 1.09% (3.3% APRC) fixed until 31 July 2022, which then reverts to 3.59% variable. This deal charges £999 in product fees. It comes with the incentive of free valuation.

Those looking for a three year fixed rate moving home mortgage at a 60% LTV will find that both HSBC and Barclays Mortgage offer the lowest rate of 1.29%. HSBC offers 1.29% (3.0% APRC) fixed until 30 September 2023 and then reverts to 3.54% variable. This deal charges £999 in product fees. It comes with the incentive of free valuation. Barclays Mortgage offers a rate of 1.29% (3.1% APRC) fixed until 31 July 2023, reverting to 3.59% variable thereafter. It charges £999 in product fees. It comes with the incentive of free valuation for properties valued to a maximum of £2m.

HSBC continued to offer the lowest rate in the five year moving home chart at a 60% LTV, but home movers should be aware it has a number of opening restrictions, including a minimum earned income of £75,000. HSBC offers a rate of 1.36% (2.8% APRC) fixed until 30 September 2025, which then reverts to 3.54% variable. This deal charges £1,499 in product fees. It comes with the incentive of free valuation.

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 fees
HSBC 2.14% Two years £999
HSBC 2.39% Three years £999
HSBC 2.46% Five years £1,499

 

The mortgage market continues to be challenging for first-time buyers looking for a 90% or 95% LTV deal. This week HSBC had the lowest rate in the two, three and five year fixed rate first-time buyer chart for those looking for a 90% LTV. In the two year chart, it offers 2.14% (3.4% APRC) fixed until 30 September 2022, which then reverts to 3.54% variable. In the three year fixed rate chart, HSBC offers a rate of 3.29% (3.3% APRC) fixed until 30 September 2023 and then reverts to 3.54% variable. Both these deals charge £999 in product fees. In the five year chart, HSBC offers the lowest rate of 2.46% (3.2% APRC) fixed until 30 September 2025, which reverts to 3.54% variable. This deal has a number of opening restrictions, including a minimum earned income of £75,000. It charges £1,499 in product fees. All of these deals come with the incentive of free valuation.

First-time buyer mortgages

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

Borrowers who are interested in any of these deals can speak to a mortgage broker. Speak To A Broker today 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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