Derin Clark

Derin Clark

Online Reporter
Published: 19/07/2019

The most significant changes took place in the moving home chart this week, with a new rate entering and topping the five-year fixed chart and the best rate in the two-year fixed chart being cut to become even more competitive. Last week’s top first-time buyer rate dropped out of the top of the chart and, unusually, a fixed rate mortgage now tops this chart overall. 

The best moving home mortgage rates

Provider Rate Initial rate period Product fee
Furness Building Society 1.29% discounted variable Two years £999
NatWest 1.35% fixed Two years £995
Coventry Building Society 1.55% fixed Three years £999
Halifax 1.76% Five years £995

A new entry to the top of the chart, along with a rate cut, saw the moving home mortgage charts become even more competitive this week. The best rate overall continued to be offered by Furness Building Society with its discounted variable rate of 1.29% (5.1% APRC) for two years, which then reverts to 5.79%. This mortgage is available on a 60% loan-to-value (LTV) and requires a minimum loan of £30,000, while its maximum is dependent on LTV. This deal charges £999 in product fees and includes the incentive of free valuation (up to a maximum of £665). Overpayments are also allowed.

NatWest cut the rate on its chart-topping two-year fixed mortgage this week and now offers a rate of 1.35% (3.8% APRC) fixed to 31 October 2021, after which it reverts to 4.24%. This mortgage has a maximum 60% LTV on a minimum loan of £25,000 to a maximum of £2m. It charges £995 in product fees but includes the incentive £250 cashback. Overpayments are allowed.

Remaining at the top of the three-year fixed chart this week was Coventry Building Society, offering 1.55% (4.0% APRC) which remains fixed until 30 September 2022 and then reverts to 4.99%. This mortgage has a maximum 65% LTV and has no minimum loan amount, while the maximum is dependent on LTV. It charges £999 in product fees and includes the incentives of free valuation (up to a maximum of £670). Overpayments are allowed.

New to the top of the five-year fixed chart this week was Halifax offering a rate of 1.76% (3.3% APRC) that is fixed until 30 November 2024. This mortgage has a maximum 60% LTV and requires a minimum loan of £100,000 to a maximum of £249,999. The product fees charged is £995 and while it doesn’t include any incentives, it does allow overpayments and payment holidays.

The best first-time buyer mortgage rates

Provider Rate Initial rate period Product fee
Newcastle Building Society 2.59% fixed Two years £498
Marsden Building Society 2.89% fixed Three years £0
Barclays Mortgage 2.75% fixed Five years £0

With last week’s chart-topping rate of 2.55% dropping out of the chart, Newcastle Building Society leads the way in the first-time buyer chart this week with its two-year fixed rate of 2.59% (5.2% APRC), which is fixed until 31 July 2021. This mortgage has a maximum 95% LTV and requires a minimum loan of £10,000, while the maximum is dependent on LTV. A small product fee of £498 is charged and while it doesn’t include any incentives, overpayments are allowed.

Marsden Building Society continued to top the three-year fixed chart this week offering a rate of 2.89% (5.4% APRC), which remains fixed until 30 September 2022 and then reverts to 6.20%. IT has a maximum 95% LTV on a minimum loan of £20,000 to a maximum of £350,000. There are no product fees with this mortgage, and it includes the incentive of free valuation for properties valued up to a maximum of £500,000. As well as this, overpayments are allowed.

In the five-year fixed chart, Barclays Mortgage remains in first place offering a rate of 2.75% (3.7% APRC) that is fixed until 31 October 2024 and then reverts to 4.24%. This deal has a maximum 95% LTV and requires a minimum loan of £5,000 to a maximum of £500,000. No product fees are charged with this mortgage and it includes the incentive of free valuation for properties up to a maximum of £2m. Overpayments are also allowed.

The best remortgage rates

Provider Rate Initial rate period Product fee
Furness Building Society 1.29% discounted variable Two years £999
Santander 1.39% fixed Two years £999
Coventry Building Society 1.55% fixed Three years £999
Skipton Building Society 1.77% fixed Five years £1,995

There was no movement at the top of the remortgage charts this week with Furness Building Society remaining at the top of the chart overall with its discounted variable rate of 1.29% (5.2% APRC) that is fixed for two years and then reverts to 5.79%. This mortgage requires a 60% LTV and offers a minimum loan of £30,000, with the maximum dependent on LTV. It charges £999 in product fees and includes the incentives of free valuations to a maximum of £665 and no legal fees for those in England and Wales or £150 towards legal fees. Overpayments are allowed.

Santander also continued to top the two-year fixed chart this week offering a rate of 1.39% (3.6% APRC) that is fixed until 2 October 2021, after which it reverts to 4.00%. This mortgage has a maximum 60% LTV and requires a minimum loan of £6,000 to a maximum of £1m. The deal charges £999 in product fees and includes the incentives of free valuation in England, Wales and Northern Ireland or £95 towards valuation fees in Scotland, as well as £250 cashback on completion or no legal fees. Overpayments are also allowed.

The best rate in the three-year fixed chart came from Coventry Building Society, offering 1.55% (4.1% APRC), which is fixed until 30 September 2022 and then reverts to 4.99%. It has a maximum 65% LTV but requires no minimum loan, while the maximum is dependent on LTV. It charges £999 in product fees and includes the incentives of free valuation (up to a maximum of £670) and no legal fees. Overpayments are allowed.

Skipton Building Society offered the top rate in the five-year fixed chart with its rate of 1.77% (3.9% APRC) that is fixed until 30 September 2024 and then reverts to 4.99%. This mortgage has a maximum 60% LTV and requires no minimum loan, while the maximum is dependent on LTV. There is £1,995 in product fees charged but it includes the incentives of free valuation and free legal fees. It allows overpayments and payment holidays. 

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