The best residential mortgage rates this week 31.01.20 | moneyfacts.co.uk
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Derin Clark

Derin Clark

Online Reporter
Published: 31/01/2020

Mortgage borrowers will be pleased to see that the mortgage charts continued to be highly competitive this week. In addition to many of last week’s lowest rates remaining available this week, Virgin Money also offered the new lowest rate in the five year remortgage chart.

While borrowers will search for a low rate when choosing a mortgage deal, consumers should keep in mind that the lowest rate might not be the best option. Instead, borrowers should take into account a wide range of factors when choosing a mortgage deal, including product fees, incentives and flexible features.

The best mortgage rates for home-movers

Provider Rate Initial rate period Product fee
Halifax 1.17% fixed Two years £995
HSBC 1.44% fixed Three years £999
Halifax 1.46% fixed Five years £995

The moving home chart remained highly competitive this week, with Halifax continuing to offer the lowest rate of 1.17% (3.7% APRC) fixed until 31 May 2022 and then reverting to 4.24% variable. This deal 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. Halifax also continued to top the five year fixed chart this week, offering a rate of 1.46% (3.2% APRC) fixed until 31 May 2025, reverting to 4.24% variable thereafter. This deal has the same terms and conditions as the two-year version.

Another non-mover in the moving home chart this week was HSBC, which remained at the top of the three year fixed chart. HSBC is offering a rate of 1.44% (3.6% APRC) which is fixed until 31 March 2023, after which it reverts to 4.19% variable. This deal is available to those looking for a 60% LTV, and a minimum earned income of £15,000 is required for this mortgage. It charges £999 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

First-time buyers will be pleased to see that the first-time buyer chart remained highly competitive this week, with Bath Building Society again offering the lowest rate of 2.49% (4.8% APRC) discounted variable for three years. It should be noted that Progressive Building Society offers a lower rate, however this deal is only available to those in Northern Ireland while Bath Building Society is available to borrowers in England, Wales and Mainland Scotland. The Bath Building Society deal is available to those looking for a 95% LTV and who have a minimum earned income of £35,000. It charges £872 in product fees but there are no incentives with this mortgage. Bath Building Society also offered the lowest rate in the three year fixed first-time buyer chart offering a rate of 2.59% (4.9% APRC) fixed for three years, which reverts to 5.44% variable thereafter. This deal has the same terms and conditions as the discounted variable deal.

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

First-time buyers looking to lock their mortgage into a five year deal will find that Barclays Mortgage offers the lowest rate of 2.75% (3.7% APRC) fixed until 30 April 2025. 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. This mortgage is available to those looking for a 95% LTV. It does not charge any product fees and comes with the incentive of free valuation for properties valued to a maximum of £2m.

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 1.44% fixed Three years £999
Virgin Money 1.46% fixed Five years £1,495

Homeowners looking to remortgage will find that NatWest Int Sols continued to offer the lowest remortgage rate this week of 1.19% (3.8% APRC) fixed until 31 March 2022, which then reverts to 4.24% variable. This deal is only available through a mortgage broker and is available to those looking for 60% LTV. It charges £995 in product fees and comes with the incentives of free valuation and no legal fees.

HSBC continued to offer the lowest rate in the three year fixed remortgage chart this week offering 1.44% (3.6% APRC) fixed until 31 March 2023. 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.

Virgin Money offered the lowest five year fixed remortgage rate this week offering a rate of 1.46% (3.6% APRC) with is fixed until 1 May 2025 and then reverts to 4.99% variable. This deal is available to those looking for a 65% LTV and charges £1,495 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.

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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