nigel woollsey

Nigel Woollsey

Online Writer
Published: 29/11/2019

Strong competition between providers is keeping interest rates low across the charts this week, with no changes in the top deals. With rates remaining static in the tables below, those looking for a mortgage deal are still able to take advantage of the competitive conditions in the marketplace.

However, it should always be remembered that the lowest rate in any chart is not necessarily the best option for everyone. Borrowers are firmly encouraged to look at a range of offers in order to make sure they are making the best choice for themselves in terms of all the factors involved, including product fees, incentives packages and flexible features.

The best mortgage rates for home movers

Provider

Rate

Initial rate period

Product fee

Halifax

1.08% fixed

Two years

£995

HSBC

1.44% fixed

Three years

£999

Skipton Building Society

1.44% fixed

Five years

£995

There’s been no movement in the best mortgage rates for home movers, with Halifax, HSBC and Skipton Building Society still maintaining their positions for two, three and five-year initial rate periods.

Halifax is still offering the lowest two-year rate at 1.08% (3.7% APRC) fixed until 28 February 2022 until it reverts to 4.24% variable. Applicants must have at least 40% equity and, while there is no incentives package, it does benefit from a reasonable product fee of £995 and the option of payment holidays.

HSBC continue to offer the lowest three-year fixed deal, with an initial fixed rate of 1.44% (3.6% APRC) until 31 January 2023 when it reverts to 4.19% variable. The maximum loan to value (LTV) is 60% and there is an incentives package including free valuation fees and free legal fees. The product fee for this is £999.

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

First-time buyers will be pleased that rates across our chart for new home buyers remain low, with Bath Building Society, Newcastle Building Society and Barclays retaining their positions from last week.

Bath Building Society are offering a rate of 2.49% discounted variable (4.8% APRC) for three years, representing a discount of 2.25%. This reverts to 5.44% variable at the end of the initial period, and the maximum LTV of 95% means this is suitable for all buyers who have a 5% deposit and a minimum income of £35,000. The product fees are £872 and, while it doesn’t have an incentives package, it does benefit from flexible repayment features, including the ability to overpay and take payment holidays.

Newcastle Building Society secures the top spot for two-year fixed rate products, with a rate of 2.59% (5.1% APRC) fixed until the 28 February 2022 before reverting to 4.49% variable. The maximum LTV is 95% and the product fees are £498. There is no incentives package with this offer.

Those looking for a deal fixed for three years could consider the Bath Building Society. Fixed for three years at 2.59% before reverting to a rate of 5.44% variable, this deal has a maximum LTV of 95% and the flexible options of overpaying and payment holidays.

Finally, Barclays Mortgage has the lowest five-year fixed rate deal, with a rate of 2.75% (3.7% APRC) fixed until 31 January 2025 before reverting to 4.24% variable. This is a ‘springboard’ mortgage and so a Helpful Start Account through Barclays Bank UK PLC must be taken out. Prior to completion, the Helpful Start Account must receive a deposit, equivalent to 10% of the property purchase price. The Helpful Start Account must remain open for a minimum period of five years from completion or until full redemption, whichever is sooner. The scheme is not available in Scotland and Northern Ireland. This deal comes with the very attractive benefits of no product fees and free valuation fees for properties valued at a maximum of £2 million. As a first-time buyer mortgage, this has a maximum LTV of 95%.

The best remortgage rates

Provider

Rate

Initial rate period

Product fee

NatWest Int Sols

1.19% fixed

Two years

£995

HSBC

1.44% fixed

Three years

£999

Skipton Building Society

1.44% fixed

Five years

£995

NatWest Intermediary Solutions once again offers the lowest two-year fixed rate deal for remortgagers. Their rate of 1.19% (3.8% APRC) is fixed until 31 January 2022 before reverting to 4.24% variable. This deal has a maximum LTV of 60% and product fees of £995. Incentives included are free valuation and free legal fees.

Those looking for a three-year deal for their remortgage may find HSBC ‘s deal attractive. It offers a rate of 1.44% (3.6% APRC) fixed until 31 January 2023 before reverting to 4.19% variable. This deal is available for those with 40% equity and who have a minimum income of £15,000. Product fees are £999 and there is an incentives package of free valuation and legal fees for all remortgages.

Skipton Building Society continue to offer the lowest rate for five-year fixed rate deals, offering a rate of 1.44% (3.7% APRC) fixed until 31 December 2024, after which it reverts to 4.99% variable. This has a maximum LTV of 60% and there is no loan minimum – making this attractive for a range of remortgagers. This deal also has an incentives package of free valuation fees and free legal fees. In addition, there are flexible payment options for overpayment and payment holidays.

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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