The best residential mortgage rates this week 21.02.20 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 21/02/2020

This week figures released by UK Finance found that mortgage completions for home-movers, first-time buyers and homeowners remortgaging had all increased year-on-year during December. Although there was little movement at the top of the mortgage chart this week, rates still remained highly competitive, with low rates available in the moving-home, first-time buyer and remortgage charts.

When choosing a deal, consumers looking for a mortgage should take into account that the lowest rate might not be the best option. Instead, consumers should consider a range of factors such as product fees, flexible features and incentives when selecting the best deal.

The best mortgage rates for home-movers

Provider Rate Initial rate period Product fee
Halifax 1.17% fixed Two years £995
HSBC 1.34% fixed Three years £999
HSBC 1.41% fixed Five years £1,499

Halifax continued to offer the lowest rate in the moving home mortgage chart this week, offering 1.17% (3.8% APRC) fixed until 31 May 2022, which then reverts to 4.24% variable. This mortgage is available to those looking for a 60% loan-to-value (LTV) and charges £995 in product fees. There are no incentives with this mortgage.

HSBC offered the lowest rates in the three year and five year fixed moving home charts this week. HSBC offers 1.34% (3.5% APRC) fixed until 30 June 2023, after which it 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 incentive of free valuation.

HSBC also offers a rate of 1.41% (3.1%) fixed until 30 June 2025, which then reverts to 4.19% variable. This deal is available to those looking for a 60% LTV, however borrowers should be aware it requires a minimum earned income of £75,000 and is quite exclusive. This deal charges £1,499 in product fees and includes 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
Bath Building Society 2.49% discounted variable Three years £872
Newcastle Building Society 2.59% fixed Two years £498
Bath Building Society 2.59% fixed Three years £872
Barclays Mortgage 2.75% fixed Five years £0

Once again, Bath Building Society continued to offer the lowest first-time buyer rate for those located in England, Wales and Mainland Scotland. It offers 2.49% (4.8% APRC) discounted variable for three years, reverting to 5.44% variable thereafter. This deal is available to those looking for a 95% LTV and who earn a minimum income of £35,000. It charges £872 in product fees, although some of the total fee is a percentage of the amount borrowed, so a higher fee may be charged. It does not include any incentives. Bath Building Society also continued to offer the lowest three year fixed rate this week. It offers 2.59% (4.9% APRC) fixed for three years and then reverts to 5.44% variable. This deal has the same terms and conditions as the three year discounted variable mortgage.

Newcastle Building Society continued to offer the lowest rate in the two year fixed chart this week, offering 2.59% (5.1% APRC) fixed until 30 June 2022, which then reverts to 4.49% variable. This mortgage is available to those looking for a 95% LTV and charges £498 in product fees. There are no incentives with this mortgage.

Offering the lowest rate in the five year first-time buyer chart this week was Barclays Bank, which offers 2.75% (3.7% APRC) fixed until 30 April 2025, reverting to 4.24% variable thereafter. This deal is available to those looking for a 95% LTV and it does not charge any product fees. It comes with the incentive of free valuation for properties valued to a maximum of £2m. Borrowers should be aware that this mortgage is only available to those who open a Helpful Start Account and comes with additional terms and conditions.

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
NatWest Int Sols 1.19% fixed Two years £995
HSBC 1.34% fixed Three years £999
HSBC 1.41% fixed Five years £1,499

This week, NatWest Int Sols offered the lowest rate in the remortgage chart offering 1.19% (3.8%) fixed until 30 June 2022, which then reverts to 4.24% variable. This deal is only available through selected intermediaries and to those looking for a 60% LTV. It charges £995 in product fees and comes with the incentives of free valuation and no legal fees.

The lowest rate in the three year fixed remortgage chart this week came from HSBC offering 1.34% (3.5% APRC) fixed until 30 June 2023, which then reverts to 4.19% variable. 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 incentives of free valuation and no legal fees.

HSBC also offered the lowest rate in the five year fixed remortgage chart this week. It offers 1.41% (3.2% APRC) fixed until 30 June 2025, reverting to 4.19% variable thereafter. Borrowers should be aware that this deal requires a minimum income of £75,000 and is quite exclusive. It is available to those looking for a 60% LTV and charges £1,499 in product fees. It comes with 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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