Derin Clark

Derin Clark

Online Reporter
Published: 25/10/2019

New rates were available in all charts this week, with Santander topping many of the charts. First-time buyers will also be pleased that after weeks of no changes at the top of the chart, Bath Building Society now tops the chart with a new low rate, as well as offering a highly competitive three year fixed rate. 

When looking at the mortgage charts, borrowers should be aware that the lowest rate on offer might not be the best deal available for them and instead they should consider a range of extra factors such as product fees, incentives and payment flexibility when choosing the right mortgage deal for their needs.

The best mortgage rates for home-movers

Provider Rate Initial rate period Product fee
Santander 1.21% fixed Two years £999
HSBC 1.44% fixed Three years £999
Santander 1.49% fixed Five years £999

Santander increased rates on a range of its products this week, resulting in it now topping the fixed rate mortgage chart for home-movers. Borrowers should be aware that while Barclays Mortgage, NatWest and Royal Bank of Scotland continue to offer the rate of 1.21%, Santander offers a lower APRC rate which is why they have been named as the lowest rate overall in the chart. Santander offers 1.21% (3.6% APRC) fixed until 2 February 2022, which reverts to 4.00%. This mortgage deal is available to those with a minimum earned income of £10,000 and who are looking for a 60% loan-to-value (LTV). There is a minimum loan of £6,000 to a maximum of £1m. This deal charges £999 in product fees and includes the incentives of free valuation to a maximum of £1,190 for properties valued to a maximum of £2.5m and £250 cashback. Overpayments are allowed.

HSBC topped the three-year fixed rate mortgage chart this week offering 1.44% (3.5% APRC) fixed until 31 January 2023, reverting to 4.19% thereafter. This deal is available to those looking for a 60% LTV and who require a minimum loan of £10,000 to a maximum of £5m. It charges £999 in product fees and includes the incentive of free valuation, as well as allowing overpayments.

Santander was also new to the top of the five year fixed rate chart this week offering 1.49% (3.1% APRC) until 2 February 2025, which then reverts to 4.00%. To get this deal borrowers need a minimum earned income of £10,000. It is available to those looking for a 60% LTV and who require a minimum loan of £6,000 to a maximum of £1m. This deal charges £999 in product fees and offers the incentives of free valuation to a maximum of £1,190 for properties valued to a maximum of £2.5m. Overpayments are allowed.

The best first-time buyer mortgage rates

Provider Rate Initial rate period Product fee
Bath Building Society 2.49% discount 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

Bath Building Society was new to the top of the first-time buyer chart this week offering 2.49% (4.8% APRC) discounted variable for three years, reverting to 5.44% thereafter. This mortgage is only available to those with a minimum earned income of £35,000. It is available to those looking for a 95% LTV and who require a minimum loan of £50,000 to a maximum of £500,000. It charges £872 in product fees and while it does not offer any incentives it does allow the flexibility of overpayments and payment holidays.

Newcastle Building Society remained at the top of the two year chart this week offering 2.59% (5.1% APRC) fixed until 28 February 2022, reverting to 4.49% thereafter. This deal is available to those looking for a 95% LTV and who require a minimum loan of £30,000 while the maximum is dependent on LTV. It charges £498 in product fees and again does not offer any incentives but does allow overpayments.

Bath Building Society was also new to the top of the three year chart this week offering 2.59% (4.9% APRC) fixed for three years, after which it reverts to 5.44%. Borrowers will need a minimum earned income of £35,000 to get this deal. It is available to those looking for a 95% LTV and who require a minimum loan of £50,000 to a maximum of £500,000. It charges £872 in product fees and, again there are no incentives with this mortgage, but it does allow both overpayments and payment holidays.

Remaining at the top of the five year chart this week is Barclays Mortgage offering 2.75% (3.7% APRC) fixed until 31 January 2025, reverting to 4.24% thereafter. This deal is available to those looking for a 95% LTV and who require a minimum loan of £5,000 to a maximum of £500,000. It does not charge any product fees and includes the incentive of free valuation for properties valued to a maximum of £2m. It allows overpayments.

The best remortgage rates

Provider Rate Initial rate period Product fee
Santander 1.21% fixed Two years £999
HSBC 1.44% fixed Three years £999
Santander 1.49% fixed Five years £999

Santander was new to the top of the remortgage chart this week offering 1.21% (3.6% APRC) fixed until 2 February 2022, reverting to 4.00% thereafter. This deal is available to those looking for a 60% LTV and who require a minimum loan of £6,000 to a maximum of £1m. This deal charges £999 in product fees and includes the incentive of free valuation to a maximum of £1,190 for those in England, Wales and Northern Ireland or £95 towards valuation fees for those in Scotland, as well as £250 cashback on completion or no legal fees.

HSBC topped the three year chart this week offering 1.44% (3.6% APRC) fixed until 31 January 2023, which reverts to 4.19%. A minimum earned income of £15,000 is required for this mortgage, which is available to those looking for a 60% LTV and who require a minimum loan of £10,000 to a maximum of £5m. This deal charges £999 in product fees and includes the incentives of free valuation and no legal fees. It also allows overpayments.

New to the top of the five year chart this week was Santander offering 1.49% (3.1% APRC) fixed until 2 February 2025, reverting to 4.00% thereafter. This deal is available to those looking for a 60% LTV and who require a minimum loan of £6,000 to a maximum of £1m. It charges £999 in product fees and includes the incentives of free valuation to a maximum of £1,190 for those in England, Wales and Northern Ireland or £95 towards valuation fees for those in Scotland, as well as £250 cashback on completion or no legal fees. It allows overpayments.

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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