The Best Mortgage Rates This Week 15.5.20 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 15/05/2020

As the Government relaxed social distancing rules in England this week it means that property market can re-start and people can now move home. Consumers looking to take out a mortgage or remortgage will be pleased to see that competitively low rates are available across the mortgage charts.

Borrowers should be aware that while we’ve highlighted the lowest rates available in the charts these might not be the right mortgage deals for their individual circumstances. Instead, it is important to consider a range of factors such as product fees and incentives, along with the rate when choosing the best mortgage deal.

The best mortgage rate for home-movers

Provider Rate Initial rate period Product fee
Cumberland Building Society 1.13% discounted variable Two years £1,999
HSBC 1.19% fixed Two years £999
HSBC 1.34% fixed Three years £999
HSBC 1.41% fixed Five years £1,499

The lowest rate in the moving home mortgage chart that is available to those in all locations of Great Britain came from Cumberland Building Society this week. Cumberland Building Society offers 1.13% (3.7% APRC) discounted variable rate for two years, after which it reverts to 4.09%. This deal is available to those looking for a 60% loan-to-value (LTV). It charges £1,999 in product fees and comes with the incentive of free valuations.

The lowest rate available in the two year fixed moving home mortgage chart this week came from HSBC, which offers 1.19% (3.2% APRC) fixed until 30 September 2022, reverting to 3.54% thereafter. This deal is available for those looking for a 60% LTV and who earn a minimum income of £15,000. It charges £999 in product fees and comes with the incentive of free valuations. HSBC also had the lowest rate in the three year fixed moving home chart this week, offering 1.34% (3.0% APRC) fixed until 30 September 2023, which then reverts to 3.54%. This deal has the same terms and conditions as the two year deal.

The lowest five year fixed moving home mortgage rate this week also came from HSBC, which offers 1.41% (2.8% APRC) fixed until 30 September 2025, after which it reverts to 3.54%. This deal is available to those looking for a 60% LTV and who earn a minimum income of £75,000. It charges £1,499 in product fees and offers the incentive of free valuations.

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
Hanley Economic Building Society 2.55% discounted variable Five years £0
Nationwide Building Society 3.09% fixed Two years £999
Nationwide Building Society 3.39% fixed Three years £999
Barclays Mortgage 2.75% fixed Five years £0

Hanley Economic Building Society offered the lowest rate overall in the first-time buyer mortgage chart this week. It offers 2.55% (4.0% APRC) discounted variable for five years, after which it reverts to 4.79%. This deal is available to those looking for a 95% LTV. It does not charge any product fees and includes the incentive of free valuations for properties valued to a maximum of £250,000 or help towards valuation fees (to a maximum of £310) for properties valued over £250,001.

The lowest rate in the two year fixed rate first-time buyer chart this week came from Nationwide Building Society, which offers 3.09% (3.6% APRC) fixed for two years and which then reverts to 3.59%. This deal is available to those looking for a 95% LTV. It charges £999 in product fees and comes with the incentive of free valuations and £500 cashback . Nationwide Building Society also offered the lowest rate in the three year fixed rate first-time buyer mortgage chart this week. It offers 3.39% (3.7%) fixed for three years, which then reverts to 3.59%. This deal has the same terms and conditions as the two year mortgage.

Barclays Mortgage continued to offer the lowest rate in the five year fixed first-time buyer chart this week. It offers 2.75% (2.7% APRC) fixed until 31 July 2025, which then reverts to 2.59%. This deal is available to those looking for a 95% LTV. It does not charge a product fee and comes with the incentive of free valuations for properties valued to a maximum of £2m.

First-time buyer mortgages

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

The best remortgage rates

Provider Rate Initial rate period Product fee
HSBC 1.19% fixed Two years £999
HSBC 1.34% fixed Three years £999
HSBC 1.41% fixed Five years £1,499

This week HSBC offered the lowest rate in the two, three and five year fixed remortgage charts. In the two year chart it offers 1.19% (3.2% APRC) fixed until 30 September 2022, which then reverts to 3.54%. This deal is available to those looking for a 60% LTV and who earn a minimum income of £15,000. It charges £999 in product fees and comes with the incentive of free valuations and no legal fees. In the three year remortgage chart HSBC offers 1.34% (3.0% APRC) fixed until 30 September 2023, reverting to 3.54% thereafter.

This mortgage has the same terms and conditions as the two year fixed deal.
In the five year fixed remortgage chart, HSBC offers a rate of 1.41% (2.8% APRC) fixed until 30 September 2025, which then reverts to 3.54%. This deal is available to those looking for a 60% LTV and who earn a minimum of £75,000. It charges £1,499 in product fees and comes with the incentives of free valuations and no legal fees.

Remortgages

All the rates available can be found on our remortgage chart.

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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