Derin Clark

Derin Clark

Online Reporter
Published: 14/06/2019

This week the best rate in both the moving home and remortgage charts was 1.26% discounted variable for two years. For first-time buyers the best rate on offer was also a variable rate of 2.54% discounted variable for two-years. While variable rates were the most competitive rates across all the charts, there were still good deals that could be found within the fixed rate charts across all mortgage types.

Moving home mortgage rate

  • Cumberland Building Society – 1.26% discounted variable
  • Coventry Building Society – 1.39% two year fixed
  • Skipton Building Society – 1.75% five year fixed

The best rates in the moving home mortgage chart this week were discounted variable rates, with the best rate on offer from Cumberland Building Society at 1.26% discounted variable for two years reverting to 4.74% after this discounted period ends (4.3% APRC). This mortgage is available up to a 60% loan-to-value (LTV) and requires a minimum loan of £50,000 to a maximum of £500,000. It charges £1,999 in product fees and allows overpayments.

The best fixed rate mortgage comes from Coventry Building Society offering 1.39% fixed until 30 September 2021 which then reverts to 4.99% (4.2% APRC). A LTV of up to 65% is required for this mortgage and it has no minimum loan amount, while the maximum amount depends on the LTV of the property. This mortgage charges £999 product fees and includes the incentive of free valuations to a maximum of £670. Overpayments are allowed.

For those looking to lock their mortgage into a longer fixed term the best rate in the five-year fixed chart came from Skipton Building Society offering 1.75% fixed until 30 September 2024 after which it reverts to 4.99% (3.8% APRC). A LTV of up to 60% is required and there is no minimum loan amount, while the maximum amount is dependent on the LTV. This mortgage charges a total of £1,995 in product fees and includes the incentive of free valuations. Both overpayment and payment holidays are allowed. 

First-time buyer mortgage rates

  • Marsden Building Society – 2.54% discounted variable
  • Newcastle Building Society – 2.59% two year fixed
  • Saffron Building Society – 2.97% five year fixed

The best rate in the first-time buyer mortgage chart this week came from Marsden Building Society which was offering 2.54% discounted variable which is discounted until 30 September 2021 and then reverts to 6.2% (5.6% APRC). The mortgage requires a LTV of up to 95% and offers a minimum loan of £20,000 to a maximum of £350,000. It charges £1,139 in product fees and includes free valuations for properties to a maximum value of £500,000. Overpayments are allowed.

The best fixed rate came from Newcastle Building Society, which was offering 2.59% fixed until 31 July 2021, after which it reverts to 4.49% (5.2% APRC). This mortgage requires a LTV of up to 95% and offers a minimum loan of £10,000, while the maximum loan amount depends on the LTV. It charges a modest product fee of £498 and allows overpayments.

Within the five-year fixed rate chart, the best rate on offer was from Saffron Building Society offering 2.97% fixed until 30 November 2024 which then reverts to 4.64% (4.0% APRC) for a LTV of up to 95%. The minimum amount that can be borrowed is £30,000 and the maximum is £500,000. It charges a small product fee of £135 and includes the incentive of free valuations. Overpayments are allowed.   

Remortgage rates

  • Cumberland Building Society – 1.26% discounted variable
  • Coventry Building Society – 1.39% two year fixed
  • Skipton Building Society – 1.75% five year fixed

A discounted variable also topped the remortgage chart this week with the best rate on offer coming from Cumberland Building Society, which was offering 1.26% discounted variable for two years which then reverts to 4.74% (4.3% APRC). This mortgage requires a LTV of up to 60% and will lend a minimum of £50,000 to a maximum of £500,000. It charges £1,999 in product fees and includes the incentives of free valuations and legal fees. Overpayments are allowed.

The top rate in the two-year fixed chart came from Coventry Building Society offering 1.39% fixed until 30 September 2021, after which it reverts to 4.99% (4.3% APRC), on a LTV of up to 65%. There is no minimum loan amount and the maximum depends on the LTV. It charges £999 in product fees and includes the incentives of free valuations to a maximum of £670 and free legal fees. Overpayments are allowed.

Those interested in a long-term fixed mortgage could get the best rate from Skipton Building Society which was offering 1.75% fixed until 30 September 2024 after which it reverts to 4.99% (3.8% APRC). This mortgage requires a LTV of up to 60% and has no minimum loan amount, the maximum depends on the LTV. It charges £1,995 in product fees and includes the incentives of free valuations and free legal fees. Both overpayments and payment holidays 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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