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Mortgage News

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The best UK residential mortgage rates this week
Image of Ella Mower

Ella Mower

Senior Content Writer
Published: 17/07/2024

Last updated: 17 July 2024 at 15:50

 

Lowest fixed rates fall as prominent high street lenders make cuts.

 

Borrowers have reason to be optimistic after a number of prominent high street lenders reduced rates over the past week, including the likes of Halifax, TSB and Barclays Mortgage.

 

Having cut prices on selected deals by up to 0.33%, the latter of these now offers some of the lowest rates in the moving home and remortgage markets.

 

Meanwhile, those looking to get on the property ladder could consider a product from Virgin Money; the lender introduced a ‘7-Day Special’ range on Tuesday, with one of these mortgages charging the lowest five-year fixed rate to first-time buyers with a 10% deposit. However, anyone interested in the deal will need to act quickly, as it’s only on sale until 8pm on Monday 22 July.

 

Below, we provide more information on some of the lowest fixed mortgage rates available to remortgage borrowers, homemovers and first-time buyers. Keep in mind, though, the lowest rate may not always be the most cost-effective choice for your needs and circumstances. That’s why we’ve also offered some alternatives which feature on our Moneyfacts Best Buy Chart, based on their overall true cost.

 

Otherwise, for a complete overview of the mortgage market, visit our chart.

 

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Landlords could face payment hike of £225 a month for buy-to-let mortgages
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Moneyfacts pick of the week
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Average mortgage shelf-life doubles in July
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Recent News

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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.

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

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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.

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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.

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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.

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Price reductions for UK properties are on the rise, with one in 20 listed properties reducing their asking price by 5% or more in April to mid-May.

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Whether you’re trying to get on or move up the housing ladder, saving a suitable deposit is key. Indeed, moving down the loan-to-value (LTV) scale is often touted as the best way to secure a lower mortgage rate, yet it may not be that simple...

Whether you’re trying to get on or move up the housing ladder, saving a suitable deposit is key. Indeed, moving down the loan-to-value (LTV) scale is often...

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UK Finance predicted that the number of interest-only mortgages set to mature during 2020 would be 54,000

UK Finance predicted that the number of interest-only mortgages set to mature during 2020 would be 54,000

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Three things you need to know if you’re becoming the Bank of Mum and Dad

31st January 2023

Considering the challenges first-time buyers face, you might aim to help your adult children, or adult grandchildren onto the property ladder. So, below we have listed three things you should know.

Amid a challenging period for first-time buyers, parents and grandparents are increasingly stepping in to help.

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Over half (58%) of young adults surveyed by the mortgage broker, Trussle, revealed that they still live with their parents

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How to help your grandchildren save for a house deposit

22nd July 2021

It has become common for aspiring homeowners to turn to the bank of mum and dad to realise their dream of owning their first home

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Bad news for potential buyers as the average house price rises rose by £27,000 last year.

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

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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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Drop in 95% LTV mortgage competition hits first-time buyers

9th September 2019

With the total number of 95% loan-to-value (LTV) mortgage deals falling, while those on a 90% LTV are on the rise, first-time buyers may want to wait until they can save for a 10% deposit to take advantage of the better rates

With the total number of 95% loan-to-value (LTV) mortgage deals falling, first-time buyers may want to wait until they can save for a 10% deposit

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Help available for first-time buyers looking to get onto the housing ladder

15th July 2020

This week, the prospect for first-time buyers looking to get onto the property ladder increased as a number of mortgage lenders, including Nationwide and Metro Bank, announced they are reintroducing high loan-to-value (LTV) mortgage deals

This week, the prospect for first-time buyers looking to get onto the property ladder increased as a number of mortgage lenders

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Generation Home makes fixed mortgage rate reductions – how do they compare?

17th January 2023

Generation Home reduced a range of its fixed rate mortgage options by up to 0.30% yesterday. So how does its new offering compare to the likes of Yorkshire Building Society and NatWest?

How does Generation Home's new offering compare to the likes of Yorkshire Building Society and NatWest?

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first direct adds to first-time buyer competition

21st March 2023

The retail banking division of HSBC has reduced the rates on more than 30 of its fixed mortgages.

The retail banking division of HSBC has reduced the rates on more than 30 of its fixed mortgages.

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Mortgage rates start to rise as number of deals cut by over half

11th August 2020

In just five months, the number of mortgage deals available to consumers has more than halved, falling from 5,222 on 1 March to just 2,526

In just five months, the number of mortgage deals available to consumers has more than halved, falling from 5,222 on 1 March to just 2,526

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5% deposit mortgages fall to lowest rate on record

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The interest rates on mortgage deals aimed at first-time buyers with just a 5% deposit have fallen to their lowest level since records began in 2011

The interest rates on mortgage deals aimed at first-time buyers with just a 5% deposit have fallen to their lowest level since records began in 2011

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9th April 2020

We explore if interest only mortgages might be an alternative to mortgage payment holidays.

We explore if interest only mortgages might be an alternative to mortgage payment holidays.

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Nationwide to withdraw 90% and 95% mortgage deals

17th June 2020

Nationwide Building Society is set to pull all its 90% and 95% loan-to-value (LTV) products from the market tomorrow, leaving many first-time buyers and homeowners looking for a mortgage at a high LTV struggling to find a competitive deal

Nationwide Building Society is set to pull all its 90% and 95% loan-to-value (LTV) products

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Should borrowers use a high street lender or a specialist for a lifetime mortgage?

23rd December 2020

The traditional equity release lenders; Canada Life and Legal and General have been joined by high street names such as Nationwide Building Society, Santander, TSB and Lloyds Bank. We’ve compared equity release providers below to help borrowers decide if they prefer to use a high street name or a specialist lender.

The traditional equity release lenders; Canada Life and Legal and General have been joined by high street names

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90% LTV mortgage availability at post-crisis high

12th September 2017

The high loan-to-value market has been going from strength to strength in recent years, and the 90% LTV market in particular has seen a definite boost this month, with a huge jump in products and lower mortgage rates.

The high loan-to-value market has been going from strength to strength in recent years, and the 90% LTV market in particular has seen a definite boost this...

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Nationwide to restart first-time buyer lending

13th July 2020

Nationwide Building Society has announced that it is planning to extend its mortgage product range to include 90% LTV to support first-time buyers

Nationwide Building Society has announced that it is planning to extend its mortgage product range to include 90% LTV to support first-time buyers

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House prices continue to rise during November

1st December 2021

Despite signs of housing market activity cooling in recent months, figures released today show that annual house price growth increased in November to 10.0%

Despite signs of housing market activity cooling in recent months, figures released today show that annual house price growth increased in November to 10.0%

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First-time buyers see product choice fall by more than half in a month

13th July 2020

In the past month, first-time buyers with a 10% deposit or less will have seen the number of mortgage deals available to them fall by more than half

In the past month, first-time buyers with a 10% deposit or less will have seen the number of mortgage deals available to them fall by more than half

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Nottingham Building Society Launches Competitive Mortgage Option for First-Time Buyers

25th February 2022

Its new 95% loan-to-value ratio mortgage’s fixed rate is not far behind the lowest mortgage rate on the market. Nottingham Building Society launched a new 2-year 95% loan-to-value mortgage with a fixed-rate of 2.39%. This means its new product, which is only available via intermediaries, is just 0.02 percentage points off the lowest rate on the market. The lender will target first-time buyers with its new mortgage, which includes a product fee of £999. “It’s important to us to do what we can to help first-time buyers achieve their dreams,” said Christie Cook, Head of Mortgage Product at Nottingham Building Society. In addition, Nottingham Building Society has also released another 2-year 95% loan-to-value product with a higher interest rate of 2.78%. This offer includes a £500 cashback offer and no product fees. However, both new offers come with a free valuation. “We aim to keep evolving our products and services – including our focus on our offerings for first-time buyers and those with smaller deposits,” said Cook.

Its new 95% loan loan-to to-value ratio mortgage’s fixed rate is not far behind the lowest mortgage rate on the market.

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First-time buyers struggle to get mortgages with a 10% deposit

18th June 2020

First-time buyers who have been saving for a 10% house deposit will have seen the number of mortgage deals available to them fall by 40 overnight, with just 75 deals now available at a 90% loan-to-value (LTV)

First-time buyers with a 10% house deposit will see the number of mortgage deals available fall by 40 overnight, with just 75 deals now available at a 90% LTV

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What to do if you cannot pay your mortgage due to the Covid-19 outbreak

18th March 2020

As the Covid-19 outbreak continues, the financial strain of reduced working hours, living on statutory sick pay and redundancy will start impacting many consumers across the country

The financial strain of reduced working hours, living on statutory sick pay and redundancy will start impacting many consumers across the country

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