The best residential mortgage rates this week 11.09.20 | moneyfacts.co.uk

Michelle Monck

Michelle Monck

Consumer Finance Expert
Published: 11/09/2020

Mortgage rates saw some further changes this week as some lenders pulled or increased their rates. Leeds Building Society increased their mortgage rates this week and Platform, a part of the Co-operative Bank withdrew some of their fixed rate mortgages.


The best mortgage rates are shown below for those wanting to remortgage, move home and for first-time buyers. Our tables list the best deals available directly from the lender that are available across Great Britain. All the rates shown are for those mortgages available at 60% LTV unless otherwise stated.

The best remortgage rates

Provider

Rate

Initial rate period

Product fee

Lloyds Bank

1.17% fixed

Two years

£999

West Brom Building Society

1.64% fixed

Three years

£0

Lloyds Bank

1.39% fixed

Five years

£999

Leeds Building Society increased their mortgage rates this week and as a result Lloyds Bank now has the lowest rate for a two-year fixed remortgage. The initial rate from Lloyds Bank is 1.17% (3.3% APRC) fixed until 30 November 2022 after which the rate increases to 3.59%. The fee is £999 and there are free valuation and legal fees available.
If you need a mortgage at a higher LTV, then Lloyds Bank also has the lowest two-year fixed rate available at 80% LTV for those wanting to remortgage. The initial rate is 1.50% (3.3% APRC) fixed until 30 November 2022, after this the rate increases to 3.59%. The product fees are £999 and it comes with free valuation and legal fees.

The West Brom Building Society offers the lowest rate for a three-year fixed rate remortgage. The initial rate is 1.64% (3.4% APRC) fixed until 30 November 2023, after this it increases to 3.99%. There are no product fees and there are free valuations up to £740 and no legal fees.


The lowest five-year fixed rate remortgage is from Lloyds Bank at 1.39% (2.8% APRC) fixed until 30 November 2025. The rate after this increases to 3.59%. The fee for this mortgage is £999 and it comes with free valuations and legal fees. There is £200 cashback available to those with a Club Lloyds account.

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

West Brom Building Society

1.24% fixed

Two years

£999

Barclays Bank

1.72% fixed

Three years

£999

HSBC

1.41% fixed

Five years

£1499

Barclays Bank

1.99%

Ten years

£999

The lowest two-year fixed rate mortgage for those moving home changed this week, as a result of Leeds Building Society increasing its mortgage rates. West Brom Building Society now has the lowest rate of 1.24% (3.6% APRC) fixed until 30 November 2022 after this the rate increases to 3.99%. The product fees are £999 and free valuation fees up to £740 are available.


Barclays Bank held its rate for the lowest three-year fixed rate mortgage for home-movers. The rate remains at 1.72% (3.2 APRC) fixed until 31 October 2023 after this it increases to 3.59%. Those needing an LTV of up to 75% can take advantage of this mortgage. The fee is £999 and free valuation fees are available.

The best rate for a five-year fixed rate mortgage for moving home is again from HSBC this week. After removing many of its top rates in the market, HSBC has continued to offer the lowest rate for home movers over five years. The initial rate is 1.41% (2.8% APRC) fixed until 31 December 2025 and after this it reverts to 3.54% and the fee is £1,499.


Those wanting to fix for longer than five years can find the best rate available from Barclays Bank, their ten-year fixed rate mortgage has a rate of 1.99% (2.6% APRC) until 31 October 2030, after this the rate increases to 3.59%. The fee is £999 and there are free valuation fees for most properties.

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

Penrith Building Society

2.99% fixed at 90% LTV

Two years

£900

HSBC

1.99%% fixed at 85% LTV

Two years

£999

The choice for first-time buyers at 90% LTV remains severely restricted with many lenders either stepping away from this lending, restricting availability to specific postcode areas or offering guarantor mortgages. We’ve focussed on those first-time buyer mortgage rates available without these requirements or restrictions.


The lowest rate for a 90% LTV first-time buyer mortgage is from the Penrith Building Society with a rate of 2.99% (4.6% APRC) fixed for two-years. After this the rate increases to 4.75%. The fee is a £900 and there are free valuation fees.


There are now only three mortgages available over a three-year fixed term from Scottish Building Society, Buckinghamshire Building Society and Darlington Building Society. The Scottish Building Society and Darling Building Society both restrict their lending areas and the Buckinghamshire Building Society is a form of guarantor mortgage.


First-time buyers who want more choice will need to look to increase their deposit so they can achieve an 85% LTV mortgage. The best rate for a two-year fixed first-time buyer mortgage with no restrictions at this LTV is from HSBC. The rate is 1.99% (3.4% APRC) fixed until 31 December 2022 after which it increases to 3.54%. The product fee is £999.

First-time buyer mortgages

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