The best residential mortgage rates this week 20.03.20 | moneyfacts.co.uk
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Derin Clark

Derin Clark

Online Reporter
Published: 20/03/2020

Yesterday, the Bank of England cut base rate to 0.10% from its previous rate of 0.25%. This is the second base rate cut in a week and is part of the Bank of England’s effort to help the economy through the uncertain times caused by the Covid-19 outbreak. For mortgage borrowers, such a low base rate is often welcomed news, however, although there is the possibility that mortgage rates could be cut as a result, with the mortgage market already very competitive lenders might be reluctant to drop rates.

In addition to this, borrowers should keep in mind that the lowest rate available might not be the best deal for their personal circumstances. Instead, borrowers should consider factors such as product fees, flexible features and incentives, all of which can be found on our mortgage charts, when choosing the best mortgage deal.

The best mortgage rates for home-movers

Provider Rate Initial rate period Product fee
HSBC 0.74% variable Two years £999
Leeds Building Society 1.14% fixed Two years £1,999
HSBC 1.34% fixed Three years £999
Skipton Building Society 1.41% fixed Five years £1,995

HSBC continued to offer the lowest rate in the moving home mortgage chart this week, offering 0.74% (3.7% APRC) discounted variable for two years, which then reverts to 4.19% variable. This deal is available for those looking for a 60% loan-to-value (LTV) and who earn a minimum income of £15,000. It charges £999 in product fees and offers the incentive of a free valuation . HSBC also offered the lowest three year fixed moving home mortgage rate this week, offering 1.34% (3.5% APRC) fixed until 30 June 2023 and which then reverts to 4.19% variable. This deal has the same terms and conditions as the discounted variable mortgage deal.

Leeds Building Society had the lowest two year fixed rate deal this week, offering a rate of 1.14% (4.7% APRC) fixed until 30 June 2022, after which it reverts to 4.44% variable. This deal is available to those looking for a 75% LTV and charges £1,999 in product fees. It comes with the incentive of free valuation to a maximum of £999.

This week, Skipton Building Society had the lowest five year fixed mortgage deal offering 1.41% (3.7% APRC) fixed until 31 May 2025. This deal is available to those looking for a 60% LTV and charges £1,995 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 fee
Newcastle Building Society 2.59% fixed Two years £498
Bath Building Society 2.69% fixed Three years £872
Saffron Building Society 2.67% fixed Five years £180

This week, Newcastle Building Society offered the lowest rate in the first-time buyer chart offering 2.59% (5.1% APRC) fixed until 30 June 2022, reverting to 4.49% variable thereafter. This deal is available to those looking for a 95% LTV and charges £498 in product fees. There are no incentives with this deal.

Bath Building Society had the lowest rate in the three year fixed first-time buyer chart this week. It offers 2.69% (4.9% APRC) fixed for three years, which then reverts to 5.44% variable. This deal is available to those looking for a 95% LTV and who earn a minimum income of £20,000. It charges £872 in product fees. There are no incentives with this mortgage.

The lowest rate in the five year fixed first-time buyer chart this week came from Saffron Building Society, which offers 2.67% (3.9% APRC) fixed until 31 August 2025 and then reverts to 4.64% variable. It is available to those looking for a 95% LTV. It charges £180 in product fees and comes with the incentive of free valuation.

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 0.74% variable Two years £999
Leeds Building Society 1.14% fixed Two years £1,999
HSBC 1.34% fixed Three years £999
Skipton Building Society 1.41% fixed Five years £1,995

HSBC had the lowest rate in the remortgage chart this week, offering 0.74% (3.7% APRC) variable for two years, which then reverts to 4.19% variable. This mortgage 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 incentives of free valuation and no legal fees. HSBC also had the lowest three year fixed remortgage rate this week, offering 1.34% (3.5% APRC) fixed until 30 June 2023, which then reverts to 4.19% variable. This deal has the same terms and conditions as the variable deal.

Leeds Building Society had the lowest two year fixed remortgage rate this week, offering a rate of 1.14% (4.7% APRC) fixed until 30 June 2022, after which it reverts to 4.44% variable. This deal is available to those looking for a 75% LTV and charges £1,999 in product fees. It comes with the incentive of free valuation to a maximum of £999 and help towards remortgage costs.

Skipton Building Society had the lowest rate in the five year fixed remortgage chart this week, offering 1.41% (3.7% APRC) fixed until 31 May 2025, reverting to 4.99% variable thereafter. This deal is available for those looking for a 60% LTV and charges £1,995 in product fees. It includes the incentives of free valuation 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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