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Compare Best Mortgage Rates

Start your search for a mortgage with Moneyfactscompare.co.uk. Not sure which type of mortgage is right for you? Visit our mortgage guides and mortgage news sections. Ready to compare rates? Select a page below and start comparing providers. 

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Best Remortgage Rates

Product Type
Rate
APRC
Max LTV
2 Year Fixed
4.65%
8.2%
60%
3 Year Fixed
4.49%
7.8%
60%
5 Year Fixed
4.31%
7.0%
60%
10 Year Fixed
4.78%
5.6%
60%
60% LTV
4.31%
7.0%
60%
75% LTV
4.45%
7.1%
75%
80% LTV
4.71%
6.7%
80%
Discounted Variable
4.99%
6.7%
75%
Variable
4.99%
6.7%
75%
All Remortgages
4.31%
7.0%
60%
moving home icon

Best Moving Home Rates

Product Type
Rate
APRC
Max LTV
2 Year Fixed
4.33%
7.2%
60%
3 Year Fixed
4.57%
7.7%
60%
5 Year Fixed
4.33%
6.9%
60%
10 Year Fixed
4.64%
5.5%
75%
60% LTV
4.33%
6.9%
60%
75% LTV
4.43%
7.3%
75%
80% LTV
4.53%
6.5%
80%
Discounted Variable
4.84%
8.2%
75%
Variable
4.84%
8.2%
75%
All Moving Home
4.33%
6.9%
60%
moneyfacts first time buyer house icon

Best First-Time Buyer Rates

Product Type
Rate
APRC
Max LTV
2 Year Fixed
5.09%
7.4%
90%
3 Year Fixed
5.13%
6.7%
90%
5 Year Fixed
4.71%
7.2%
90%
85% LTV
4.53%
6.5%
85%
90% LTV
4.71%
7.2%
90%
95% LTV
4.99%
7.3%
95%
Guarantor mortgages
5.10%
7.9%
100%
Discount Variable
5.15%
7.4%
95%
Variable
5.15%
7.4%
95%
All First-Time Buyer
4.71%
7.2%
90%
moneyfacts buy to let white house icon

Best Buy-To-Let Rates

Product Type
Rate
APRC
Max LTV
2 Year Fixed
3.33%
9.7%
65%
3 Year Fixed
4.84%
7.9%
60%
5 Year Fixed
4.10%
8.0%
65%
10 Year Fixed
60% LTV
3.33%
9.7%
65%
75% LTV
3.74%
10.1%
75%
80% LTV
4.99%
7.5%
80%
Discounted Variable
5.19%
8.9%
75%
Variable
5.19%
8.9%
75%
All Buy-To-Let
3.33%
9.7%
65%
Disclaimer

Credit will be secured by a mortgage on your property. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Written quotations are available from individual lenders. Loans are subject to status and valuation and are not available to persons under the age of 18. All rates are subject to change without notice. Please check all rates and terms with your lender or financial adviser before undertaking any borrowing

Mortgages Explained

What is a mortgage?

A mortgage is the name given to a loan that is used to buy a property or piece of land where the loan is secured against the property being purchased. Mortgages are typically long-term loans with repayments spread over 25 years.

 

How long should your mortgage term be?

Ideally, you should aim to set your mortgage term for as short a period as possible, as that way you won’t pay as much interest – although it does mean higher monthly payments. Conversely, a longer-term mortgage will reduce the monthly payments, but means you pay more overall, as interest will be charged for a longer period.

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What type of mortgage is best?

  Good if: Not so good if:
Fixed rate mortgages You want to know exactly how much your monthly mortgage repayments will be You think mortgage rates might go down, and are worried you’ll end up paying over-the-odds on a fixed rate deal
Variable and tracker rate mortgages You believe mortgage rates will go down in the foreseeable future You’re on a tight budget and need to know exactly how much your mortgage repayments will cost you every month
Offset mortgages You have a decent savings pot you are happy to leave untouched for a period You may have to dip into your savings or want to earn savings interest

 

Fixed rate mortgages

fixed rate mortgage typically comes with an initial deal period, usually between two years and five years. The main advantage of this initial period is that you’ll know exactly what your monthly mortgage repayments will be. This will enable you to plan your budget effectively, as you’ll know exactly how much you need to ring-fence for your mortgage repayments each month.

It’s worth pointing out that fixed rate mortgages tend to come with higher rates than their variable mortgage counterparts, but this is often a small price to pay for the security that fixed mortgage interest rates can offer.

 

Variable and tracker rate mortgages

Variable and tracker rate mortgages typically have lower rates than their fixed rate counterparts, at least at the point you take the mortgage out, and can therefore be cheaper overall, but they come with far less security as the rates aren’t guaranteed.

As variable mortgage rates could change at any time, often depending on the Bank of England base rate (or other wider economic conditions), the amount you pay each month may vary. If you need to know the exact amount you’ll be required to pay back each month, then a variable rate mortgage is not for you. If, however, you believe that rates won’t go up, but are prepared for if they do, then a variable mortgage might be just right for you.

So long as you bear in mind that your mortgage rate may increase and have enough wiggle room in your budget to accommodate fluctuations in your monthly mortgage repayments, then a variable rate mortgage may be a good option for you.

Note: we’re referring here to the variable rate mortgages that can be found in our comparison charts, not those offering the lender’s standard variable rate (SVR). SVRs are usually far higher than anything else on the market and are typically what a borrower reverts to once an initial fixed or discounted rate period ends, which is why remortgaging should always be considered at the end of such a period.

 

Offset mortgages

Many mortgage lenders have an offset option as part of their range; you can find the available offset mortgages by using our mortgage search and filtering accordingly. This type of mortgage might be an option for those with a decent savings pot who are unimpressed by the current rates of savings interest on offer.

With an offset mortgage, you’re able to use your savings to reduce your mortgage payments by ‘offsetting’ it against your mortgage, thereby reducing the balance you pay interest on. You don’t lose your savings in the process, as you would if you were to overpay a mortgage or put down a larger deposit, but instead agree to put your funds aside and forgo any interest you might have otherwise earned on the money.

For example, if you had a £125,000 mortgage balance and £25,000 in a linked savings account, your monthly mortgage interest would be calculated on £100,000 rather than the full balance, resulting in lower repayments. If you then switch to a different mortgage, you can get the £25,000 back to put in a savings pot that does pay out savings interest.

Depending on the state of the savings market, and the deal you can get on an offset mortgage, this might reduce your repayments by a greater amount than you would otherwise have been able to earn in savings interest. Always compare mortgage rates across the whole market before deciding, as rates may be less competitive in this sector due to its lower profile.

Should I speak to a mortgage broker?

Mortgage brokers remove a lot of the paperwork and hassle of getting a mortgage, as well as helping you access exclusive products and rates that aren’t available to the public. Mortgage brokers are regulated by the Financial Conduct Authority (FCA) and are required to pass specific qualifications before they can give you advice.

 

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Your home may be repossessed if you do not keep up repayments on your mortgage.

How do you want to pay for your mortgage?

When deciding how to pay for your mortgage, you generally have one of two options – you can apply for an interest-only deal or opt for full repayment.

 

Repayment mortgages

Repayment mortgages are designed so that, by the end of the mortgage term – which can range from 25-35 years and beyond – you’ll have paid off the full balance plus interest and will have nothing further to pay. Your repayments will be calculated accordingly, and while they’ll be higher than if you had an interest-only deal, you can be confident that you’ll have paid off everything by the end of the term.

You may even be able to shorten your mortgage term if you make overpayments, which will also reduce the amount of interest you pay. Remember, too, that when you pay off more capital you’ll be able to move down the LTV scale, enabling you to secure lower rates, and therefore lower repayments, should you decide to remortgage onto a different product.

 

Interest-only mortgages

With this type of mortgage, your repayments are generally lower, but only because you’re not actually repaying the balance of the loan or increasing your equity (though if your property increases in value over this time, then your equity will increase as well; conversely if your property loses value you could find yourself in a sticky situation).

You will only be repaying the interest on the mortgage, which means that at the end of the term, you’ll still be left with the full balance of your initial loan. You will have to come up with a lump sum to pay off your outstanding mortgage debt.

Many people once banked on rising house prices to help them do that – they were hoping to sell their home at a higher price than when they first bought it, which would have theoretically covered their mortgage. However, the financial crisis and rapidly falling house prices meant that often didn’t happen. Similarly, others banked on pensions, endowment funds or savings, but poor investment returns left many far short of the sum needed. This is why such deals are now less common – they’re more often used in the buy-to-let sector, with full repayment the preferred choice for residential mortgages.

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Ashley Seager

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Mortgage guides

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Should I use a mortgage broker?

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What are mortgage exit / redemption fees?

This guides outlines what mortgage exit and redemption fees are, and what you need to be aware of to avoid being left out of pocket.

This guides outlines what mortgage exit and redemption fees are, and what you need to be aware of to avoid being left out of pocket.

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Your choice of estate agent can play a crucial part in the process of buying or selling a property. Take your time and make sure that you know exactly what services are being offered. Our helpful guide explains what to look for.

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Should I switch mortgage lenders?

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Ask us anything

Mortgage news

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The best UK residential mortgage rates this week

29th May 2024

Each week the Moneyfactscompare.co.uk content team round up the very best mortgage rates available in the UK. Compare and apply today.

Many lowest mortgage rates hold steady a week on from General Election announcement.

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Moneyfacts pick of the week

23rd May 2024

The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.

This week's selection includes a recently relaunched notice savings account and a new two-year fixed mortgage rate from Leeds BS.

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Rising more rapidly: Mortgage rates make biggest monthly jump since March

14th May 2024

However, climbing rates are countered by longer shelf-life and increased product availability.

However, climbing rates are countered by longer shelf-life and increased product availability.

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Bank of England base rate remains at 5.25% - a blow to borrowers?

9th May 2024

The latest latest decision comes as average mortgage rates continue to rise steadily.

This latest latest decision comes as average mortgage rates continue to rise steadily.

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How are building societies supporting first-time buyers?

9th May 2024

As mortgage affordability continues to be a major challenge, building societies offer different measures to help first-time buyers get on the property ladder.

Building societies are offering competitive rates and different measures to help first-time buyers get on the property ladder.

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Mortgage approvals rise but market remains difficult

1st May 2024

The number of net mortgage approvals rose in April, reaching its highest level since September 2022. However, the market remains difficult for borrowers.

The number of net mortgage approvals rose in April, reaching its highest level since September 2022.

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Number of buy-to-let products rises month-on-month

23rd April 2024

The number of buy-to-let products on the market increased between March and April. However, average rates also edged higher.

The number of buy-to-let products on the market increased between March and April. However, average rates also edged higher.

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Fixed mortgage rates creep higher in April

9th April 2024

Average rates on fixed mortgages increased between March and April but, with a greater availability of products, there’s still some reason for optimism.

Despite a slight rise in average fixed mortgage rates, there’s still some reason for optimism.

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Bank of England base rate unchanged at 5.25% for fifth consecutive time

21st March 2024

High interest rates prove effective as inflation slows significantly.

High interest rates prove effective as inflation slows significantly.

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Mortgage deals available for an average of just 15 days

14th March 2024

The average shelf-life of a mortgage product saw a month-on-month drop from 28 days to 15 days. Meanwhile, average fixed mortgage rates edged upwards.

The average shelf-life of a mortgage product saw a month-on-month drop from 28 days to 15 days.

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Average mortgage product fees rise to £1,141

5th March 2024

Average mortgage product fees rise to £1,141 while the proportion of deals offering cashback and other incentives drops.

Average mortgage product fees rises £46 in one year to £1,141.

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Two-year fixed mortgage rates see biggest monthly drop since 2022

14th February 2024

The average two-year fixed rates saw their largest monthly fall between January and February. Find out more about how average mortgage rates are changing.

The average fixed mortgage rate fell by 0.37 percentage points between January and February.

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Revealed: Winners of the Moneyfacts Consumer Awards 2024

8th February 2024

Financial professionals from across the industry gathered at the Royal Lancaster London to hear Tim Vine reveal the results.

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Bank of England holds base rate at 5.25% despite rise in inflation

1st February 2024

This marks the fourth consecutive time the base rate has gone unchanged.

This marks the fourth consecutive time the base rate has gone unchanged.

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Bank of England base rate to remain at 5.25% heading into 2024

14th December 2023

The Bank of England’s Monetary Policy Committee voted 6 to 3 in favour of maintaining the base rate at 5.25% heading into 2024. Find out what this means for savers and mortgage borrowers.

The Bank of England’s Monetary Policy Committee voted 6 to 3 in favour of maintaining the base rate at 5.25% heading into 2024.

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Average two-year fixed mortgage falls below 6%

8th December 2023

The average rate for a two-year fixed mortgage fell below 6% today for the first time since mid-June of this year – dropping to 5.99% according to Moneyfacts’ data.

The average rate for a two-year fixed mortgage fell below 6% today for the first time since June of this year – dropping to 5.99% according to Moneyfacts’ data.

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Mortgage market sees highest product availability in over 15 years

16th November 2023

Alongside falling fixed rates and a longer average shelf-life, increased product availability demonstrates a buoyant period in the mortgage market.

Alongside falling fixed rates and a longer average shelf-life, increased product availability demonstrates a buoyant period in the mortgage market.

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Bank of England holds base rate at 5.25% for second consecutive month

2nd November 2023

The Bank of England’s Monetary Policy Committee (MPC) voted 6 to 3 in favour of maintaining the base rate at 5.25% for the second consecutive month.

The Bank of England’s Monetary Policy Committee (MPC) voted 6 to 3 in favour of maintaining the base rate at 5.25% for the second consecutive month.

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Buy-to-let fixed rates drop as product choice rises

13th October 2023

Average fixed rates in the buy-to-let market have fallen month-on-month, Moneyfacts’ data reveals. The start of October saw the average rate for a two-year deal drop to 6.40%, down from 6.64% in September. Similarly, the average five-year fixed rate fell to 6.32% from 6.49% during the same months.

Buy-to-let market shows signs of recovery, with over 1,500 more products available compared to this time last year.

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Average five-year mortgage rate drops below 6%

28th September 2023

The average rate for a five-year fixed mortgage fell to 5.99% today – the first time this rate has dropped below 6% since 3 July 2023, according to Moneyfacts’ data.

The average rate for a five-year fixed mortgage fell to 5.99% today – the first time this rate has dropped below 6% since 3 July 2023.

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Bank of England keeps base rate unchanged for first time in almost two years

21st September 2023

The Bank of England’s Monetary Policy Committee (MPC) voted to keep the base rate at 5.25% today - the first time in almost two years the MPC have opted to keep borrowing costs unchanged.

This is the first time in almost two years the Bank of England’s Monetary Policy Committee (MPC) opted to keep borrowing costs unchanged.

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Mortgage market shows signs of stabilising as product choice rises

13th September 2023

Increased product choice, alongside falling average two and five-year fixed rates, may be an early sign of stability within the mortgage market.

Exceeding 5,300 at the start of September, product choice is at its highest level since February 2022.

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Should I increase my mortgage term?

7th September 2023

Longer mortgage terms will lower your monthly repayments but increase your interest overall.

Longer mortgage terms will lower your monthly repayments but increase your interest overall.

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Are house prices falling?

10th August 2023

Higher mortgage costs have cooled demand in recent months, so will this trend continue over the long-term?

Higher mortgage costs have cooled demand in recent months, so will this trend continue over the long-term?

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Bank of England makes 14th consecutive base rate increase

3rd August 2023

The Bank of England’s Monetary Policy Committee (MPC) voted to make its 14th consecutive base rate increase today.

The Bank of England’s Monetary Policy Committee (MPC) voted to make its 14th consecutive base rate increase today.

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The Mortgage Charter: Should I consider an interest-only deal?

17th July 2023

Interest-only mortgages will temporarily reduce your monthly repayments, but you’ll likely pay more in total at the end of your term.

Interest-only mortgages will temporarily reduce your monthly repayments, but you’ll likely pay more in total at the end of your term.

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Average two year fixed mortgage surpasses mini-Budget peak

11th July 2023

However, some of the lowest rates still stand at 5.64%.

However, some of the lowest rates still stand at 5.64%.

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Rising mortgage rates: average two-year fixed deal breaches 6%

19th June 2023

The last time the average two-year fixed rates were higher was December 2022.

The last time the average two-year fixed rates were higher was December 2022.

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High street lenders return to market with fixed rate changes

15th June 2023

HSBC made its second raft of increases this week while Barclays chose to reduce some of its rates on offer.

HSBC made its second raft of increases this week while Barclays chose to reduce some of its rates on offer.

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More than 200 mortgages withdrawn over the weekend

5th June 2023

This represents 4% of the total number of mortgages on the market.

This represents 4% of the total number of mortgages on the market.

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Mortgage choice falls as deals are pulled from sale

30th May 2023

Since last week almost 7% of mortgages have been withdrawn from market.

Since last week almost 7% of mortgages have been withdrawn from market.

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The fixed flip: Why have two year fixed mortgage deals become more expensive?

18th May 2023

Swap rates and market sentiment have played a role in reversing an established trend.

Swap rates and market sentiment have played a role in reversing an established trend.

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Bank of England increases interest rates to near 15-year high

11th May 2023

This is the 12th consecutive rise to the base rate since December 2021.

This is the 12th consecutive rise to the base rate since December 2021.

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Skipton BS’s no deposit mortgage – How is it different?

10th May 2023

The mortgage differs from the competition by negating the need for a guarantor.

The mortgage differs from the competition by negating the need for a guarantor.

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5th May 2023

With King Charles III to be crowned at Westminster Abbey this Saturday, we take a look at what’s happened in the 70 years since the last coronation.

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Are mortgage rates coming down?

2nd May 2023

Fixed rates have fallen, while variable mortgages are still getting more expensive.

Fixed rates have fallen, while variable mortgages are still getting more expensive.

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Borrowers’ delight as fresh deals hit the market

27th April 2023

There are now over 5,000 mortgages on the market.

There are now over 5,000 mortgages on the market, but are deals getting any cheaper?

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20th April 2023

While rent has increased it could still be more affordable than homeownership.

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House prices increase after mortgage rates ease

6th April 2023

The latest house price rises suggest the property market is relatively stable, according to Halifax.

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One week on from base rate: How has the savings market reacted?

30th March 2023

From building societies to digital providers, which banks have passed the latest base rate increase on to their savers?

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