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on a property valued at

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Best Remortgage Rates

Product Type

Rate

APRC

Max LTV

2 Year Fixed

4.15%

7.1%

60%

3 Year Fixed

4.23%

7.3%

60%

5 Year Fixed

3.69%

6.1%

60%

10 Year Fixed

4.62%

5.7%

60%

Discounted Variable

4.54%

8.0%

60%

Variable

4.54%

8.0%

60%

All Remortgages

3.69%

6.1%

60%

Best First-Time Buyer Rates

Product Type

Rate

APRC

Max LTV

2 Year Fixed

4.89%

7.6%

90%

3 Year Fixed

4.93%

7.4%

90%

5 Year Fixed

4.43%

6.4%

90%

Guarantor mortgages

4.93%

7.5%

100%

Discount Variable

5.15%

7.4%

95%

Variable

5.15%

7.4%

95%

All First-Time Buyer

4.43%

6.4%

90%

Best Moving Home Rates

Product Type

Rate

APRC

Max LTV

2 Year Fixed

4.03%

6.8%

60%

3 Year Fixed

4.12%

7.2%

60%

5 Year Fixed

3.69%

6.1%

60%

10 Year Fixed

4.49%

5.6%

60%

Discounted Variable

4.49%

7.9%

60%

Variable

4.49%

7.9%

75%

All Moving Home

3.69%

6.1%

60%

Specialist mortgages

Product Type

Self Build Mortgages

Help to Buy Mortgages

Retirement Interest Only Mortgages

Self Employed Mortgages

Bridging Loans

Green Mortgages

Best Buy-To-Let Rates

Product Type

Rate

APRC

Max LTV

2 Year Fixed

2.97%

9.2%

65%

3 Year Fixed

4.59%

7.6%

60%

5 Year Fixed

3.94%

7.3%

65%

10 Year Fixed

6.29%

7.8%

75%

60% LTV

2.97%

9.2%

65%

75% LTV

3.24%

9.6%

75%

80% LTV

3.58%

7.7%

80%

Discounted Variable

4.90%

8.3%

75%

Variable

4.90%

8.3%

75%

All Buy-To-Let

2.97%

9.2%

65%

Specialist Buy-To-Let

Product Type

First Time Landlord

Buy-To-Let Limited Company

Holiday Let Mortgages

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.

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

A 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.

Could a specialist mortgage support your plans?

Holiday let mortgages

Self employed mortgages

Green mortgages

Mortgages for bad credit

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.

Speak to an award-winning mortgage broker today

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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.

Mortgage guides

More guides

Should I use a mortgage broker?

A mortgage broker specialises in finding lenders who meet your specific needs for a mortgage. Find out how mortgage brokers can help and what fees to look out for.

A mortgage broker specialises in finding lenders who meet your specific needs for a mortgage.

What are mortgage exit / redemption fees?

Borrowers may not realise that many mortgage providers charge exit/redemption fees. Read our complete guide to find out more.

Tips on finding the best estate agent

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.

Your choice of estate agent can play a crucial part in the process of buying or selling a property. Our helpful guide explains what to look for.

Should I switch mortgage lenders?

Is it a good idea to switch mortgage lenders? Our guide takes you through the basics and the benefit of making a change.

Mortgage news

Moneyfacts pick of the week

21st November 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 top-performing one-year bond from Al Rayan Bank, and a highly competitive one-year ISA from Castle Trust Bank.

The best UK residential mortgage rates this week

20th November 2024

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

Fixed mortgage rates skyrocket as multiple sectors surpass the 4% threshold.

Fewer options for mortgage borrowers as product choice experiences largest decline in over a year

12th November 2024

The current climate could pose a challenge for “borrowers who are not quick off the mark”.

Bank of England votes to cut base rate to 4.75%

7th November 2024

As predicted, the Bank of England voted 8 to 1 in favour of cutting the base rate to 4.75% in November.

As predicted, the Bank of England cut the base rate to 4.75% in November.

Mortgage borrowing falls for first time in three months

29th October 2024

Net mortgage borrowing fell for the first time since June 2024, according to the latest Money and Credit report, as mortgage approvals rose to two-year high. Find out more.

Net mortgage borrowing fell for the first time since June 2024, according to the latest Money and Credit report, as mortgage approvals rose to two-year high.

Buy-to-let mortgage rates at two-year low

28th October 2024

Buy-to-let mortgage rates are at their lowest levels in two years. But, despite this good news for landlords, other financial pressures are causing challenges.

Buy-to-let mortgage rates are at their lowest levels in two years but other financial pressures are causing challenges.

Mortgage product choice rises as rates fall

14th October 2024

The number of mortgage deals available increased month-on-month as average rates continued to fall. But how could the upcoming Autumn Budget affect mortgages?

The number of mortgage deals available increased month-on-month as average rates continued to fall.

Mortgage approvals reach highest level in two years

30th September 2024

Mortgage approvals rose to their highest level in two years as house prices also record an increase, according to the latest figures from Nationwide BS.

Mortgage approvals rose to their highest level in two years as house prices also record an increase.

First-time buyers can now borrow more with Nationwide BS

24th September 2024

First-time buyers can now borrow up to six times their annual income from Nationwide BS after the lender amended its Helping Hand mortgage products.

First-time buyers can now borrow up to six times their annual income from Nationwide BS.

First-time buyers running out of time to save up to £15,000 in Stamp Duty

20th September 2024

Temporary first-time buyers’ relief is expected to end on 31 March 2025 and will affect those in Southern England the most. Find out more.

Temporary first-time buyers’ relief is expected to end on 31 March 2025 and will affect those in Southern England the most.

Bank of England votes to hold base rate at 5%

19th September 2024

After making a long-anticipated cut to the base rate at its previous meeting in August, today the Bank of England’s Monetary Policy Committee (MPC) voted 8 to 1 in favour of maintaining it at 5.00%.

Base rate held at 5% as mortgage and savings rates continue to tumble.

‘Welcome news’ for borrowers as average fixed mortgage rates fall for second consecutive month

11th September 2024

The average prices of two- and five-year fixed deals return to levels unseen for over six months.

Renters could end up £2.6 million worse off over their lifetime than homeowners

4th September 2024

Half of prospective first-time buyers say they have given up looking for a property as they feel so overwhelmed. Find out more.

Half of prospective first-time buyers say they have given up looking for a property as they feel so overwhelmed.

Mortgage borrowing hits two year high of £2.8 billion in July

2nd September 2024

Mortgage borrowing reaches £2.8 billion in July, while net mortgage approvals for house purchases rise month-on-month. Find out more.

Mortgage borrowing reaches £2.8 billion in July, while net mortgage approvals for house purchases rise month-on-month.

Mortgage rates fall amid market volatility

14th August 2024

Mortgage rates dropped between July and August as lenders reviewed and repriced their product ranges. Find out more about the current state of the mortgage market.

Mortgage rates dropped between July and August as lenders reviewed and repriced their product ranges.

Following on from base rate cut: How has the mortgage market reacted?

9th August 2024

Find out whether your lender is among those to have already passed on the reduction to variable mortgage rates.

Bank of England ends year-long pause, cutting base rate to 5%

1st August 2024

The Bank of England’s Monetary Policy Committee (MPC) voted 5 to 4 in favour of reducing the base rate to 5.00% in its meeting today; the 0.25 percentage point cut brings an end to a year-long interest rate pause.

This marks the first cut to the base rate in over four years.

Net mortgage lending up 108% in June

30th July 2024

The increase in mortgage borrowing may indicate an ‘uptick in confidence’ as rates continue to ease.

Mortgage rates at lowest levels since April as Nationwide offers deal under 4%

24th July 2024

Nationwide BS has reduced mortgage rates across its two-, three- and five-year fixed products by up to 0.25 percentage points.

Landlords could face payment hike of £225 a month for buy-to-let mortgages

16th July 2024

The payment shock for an ageing rental population could impact market dynamics.

Average mortgage shelf-life doubles in July

8th July 2024

The average shelf-life of a mortgage product doubled to 30 days in July while the number of mortgage products increased. See what this means for borrowers.

The average shelf-life of a mortgage product doubled to 30 days in July while the number of mortgage products increased.

General Election 2024: What do the main parties have in store for your personal finances?

1st July 2024

With the UK General Election taking place later this week (Thursday 4 July), we examine how some of the main parties’ policies could affect your personal finances if they were to form the next Government.

Find out what the Conservative and Labour Parties have planned for your taxes, savings and pensions.

Bank of England holds base rate at 5.25% as General Election looms

20th June 2024

There was no change despite the Bank of England meeting its 2% target for inflation.

General Election 2024: How have the mortgage and savings markets changed since 2010?

18th June 2024

As the Conservative Party seeks to extend its 14-year period in Government in the General Election on 4 July 2024, we reflect on how both the mortgage and savings markets have changed since 2010.

A global pandemic, international conflict and rampant inflation have all taken their toll.

Choice of mortgage products at highest level since 2008

11th June 2024

The number of mortgage products available rose to a 16-year high of 6,629 in June. At the same time, the average shelf-life of a product almost halved.

The number of mortgage products available rose to a 16-year high of 6,629 in June.

Several lenders withdraw higher loan-to-value mortgages

4th June 2024

A handful of lenders withdrew some of their higher LTV mortgage deals in the last week of May. Find out what this could mean for first-time buyers.

A handful of lenders withdrew some of their higher LTV mortgage deals in the last week of May.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Compare mortgage rates

We found 9557 products

Start your mortgage search

Best Remortgage Rates

Best First-Time Buyer Rates

Best Moving Home Rates

Specialist mortgages

Best Buy-To-Let Rates

Specialist Buy-To-Let

Mortgages Explained

What is a mortgage?

How long should your mortgage term be?

What type of mortgage is best?

Fixed rate mortgages

Variable and tracker rate mortgages

Offset mortgages

Could a specialist mortgage support your plans?

Should I speak to a mortgage broker?

Speak to an award-winning mortgage broker today

How do you want to pay for your mortgage?

Repayment mortgages

Interest-only mortgages

You may also be interested in

Editorial Team

Mortgage guides

Ask us anything

Mortgage news

Compare mortgage rates

We found 9557 products

Start your mortgage search

Best Remortgage Rates

Best First-Time Buyer Rates

Best Moving Home Rates

Specialist mortgages

Best Buy-To-Let Rates

Specialist Buy-To-Let

Mortgages Explained

What is a mortgage?

How long should your mortgage term be?

Receive the latest news, straight to your inbox

What type of mortgage is best?

Fixed rate mortgages

Variable and tracker rate mortgages

Offset mortgages

Could a specialist mortgage support your plans?

Should I speak to a mortgage broker?

Speak to an award-winning mortgage broker today

How do you want to pay for your mortgage?

Repayment mortgages

Interest-only mortgages

You may also be interested in

Editorial Team

Mortgage guides

Ask us anything

Mortgage news

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