nigel woollsey

Nigel Woollsey

Online Writer
Published: 06/10/2019

It’s been a relatively quiet week with regards to the top mortgage deals, with only a few changes to speak of. There has, however, been one or two minor rate drops and product withdrawals to note.

The best mortgage rates for home-movers

Provider

Rate

Initial rate period

Product fee

NatWest

1.19% fixed

Two years

£995

HSBC

1.44% fixed

Three years

£999

NatWest

1.55% fixed

Five years

£995

NatWest remains at the top of the two-year fixed rate charts, having lowered its interest rate from 1.21% to 1.19% (3.7% APRC), which is fixed until 31 January 2022 before reverting to a variable rate of 4.24%. The maximum loan-to-value (LTV) remains at 60% but it is not available for remortgagers. This product is for loans of between £25,000 and £10 million and includes the incentive of free valuation. Overpayments are permitted.

Top of the three year fixed rate charts is still HSBC with its offer of a rate fixed at 1.44% (3.5%) until 31 January 2023, after which it reverts to a variable rate of 4.19%. The LTV maximum is 60% for a loan between £10,000 and £5 million and all borrower types can apply. Overpayments are allowed and there are incentives of free valuation for all applicants, as well as free legal fees for remortgages.

Completing the unchanged line-up is another NatWest mortgage, this time fixed at 1.55% until 31 January 2025, before reverting to a variable rate of 4.24%. While this deal is only open to first and second-time buyers, it has a maximum LTV of 60% for loans between £25,000 and £2 million. Overpayments are allowed and there is the added incentive of £250 cashback.

The best first-time buyer mortgage rates

Provider

Rate

Initial rate period

Product fee

Newcastle Building Society

2.59% fixed

Two years

£498

The Family Building Society

2.84% fixed

Three years

£599

Barclays Mortgage

2.75% fixed

Five years

£0

Things are looking much the same as last week on the best first-time buyer mortgage charts, with no changes to position or rates. The top two-year deal is from the Newcastle Building Society with its rate of 2.59% (5.1%) fixed until 28 February 2022, before it reverts to a rate of 4.49% variable. There is a maximum LTV of 95% for this product and a minimum loan requirement of £30,000. While overpayments are allowed, there are no additional incentives.

Family Building Society is offering a rate of 2.84% (4.5%) fixed until 28 February 2023 before reverting to 5.04% variable. This product is not available to remortgagers and has a maximum LTV of 95%. Loans must be between £45,000 to £500,000 and overpayments are allowed. Incentives include free valuation for properties up to £500,000 and the choice of either free legal fees or £250 cashback.

Barclays Mortgage stays top of the five-year fixed rate table for first-time buyers with a rate of 2.75% (3.7%) fixed until 31 October 2024, before it reverts to 4.24% variable. The maximum LTV is 95%, subject to a minimum of £5,000 and maximum loan value of £500,000. Overpayments are permitted and the incentives include free valuation for properties valued £2 million or less and, unusually, no product fees.

The best remortgage rates

Provider

Rate

Initial rate period

Product fee

Barclays

1.21% fixed

Two years

£999

HSBC

1.44% fixed

Three years

£999

Virgin Money

1.56% fixed

Five years

£995

The best rate remortgage for two years available directly to borrowers is Barclays Mortgage. This deals deal is fixed at 1.21% (3.8%) until 31 October 2021, before reverting to a variable rate of 4.24%. This deal is only available up to a maximum LTV of 60% and has a minimum loan requirement of £5,000. Overpayments are permitted and the incentives include free valuation and legal fees or £200 cashback.

HSBC remains in place at the top of the three-year fixed remortgage chart with a rate of 1.44% (3.6%) fixed until 31 January 2023, before it reverts to a variable rate of 4.19%. Open to first and second-time buyers as well as remortgagers it does carry a maximum LTV of 60%, with a loan minimum/maximum of £10,000 and £5 million respectively. Once again overpayments are permitted, and the incentives package includes free valuation and free legal fees for remortgagers.

Virgin Money remains as the best rate for a five-year fixed remortgage deals available direct to borrowers., This mortgage has a rate of 1.56% (3.6%) fixed until 1 January 2025, before it reverts to a variable rate of 4.99%. This is a product has a maximum LTV of 65%. There is no minimum loan and overpayments and payment holidays are permitted. Incentives are free valuation and legal fees.

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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