This week's top mortgage deals explained

Last updated: 6 May 2026 at 14:10

Latest mortgage news: HSBC charges some of the lowest fixed mortgage rates this week after making cuts.

There’s been slight relief for borrowers as average mortgage rates have come down over the past three weeks, however, it’s uncertain if and for how long this trend will last.

Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said that “a handful of big banks stepped up to cut selected fixed rates” last week, including the likes of Barclays Mortgage, NatWest and HSBC (the latter of which currently offers some of the cheapest-priced fixed deals). “Over the coming days we could see more lenders reprice to catch up to moving swap rates, but also to compete for new business,” she continued.

However, Springall added that “the market needs more stability, so the longer the unrest in the Middle East goes on, the longer borrowers and lenders will be in limbo”. Indeed, if inflation continues to rise, this might fuel expectations for Bank of England base rate hikes – which in turn could lead to higher borrowing costs.

See below for the lowest fixed mortgage rates for remortgage borrowers, homemovers and first-time buyers. Alternatively, go to our charts to discover current mortgage rates UK lenders offer.

The best remortgage rates

Remortgage borrowers currently searching for a new deal will find HSBC provides the lowest two- and five-year fixed rates after the lender made cuts last week. These products, charging 4.73% and 4.69%, respectively, to finance up to 60% loan-to-value (LTV) can be accessed by those living in Great Britain and Northern Ireland either direct or via selected intermediaries. They each cost £999 in booking fees and, as well as a free valuation, offer the choice between free legal fees or £300 cashback as an extra perk.

However, homeowners with less equity will need to explore other options. Two-year and five-year fixed mortgages from first direct, for instance, cater for up to 75% LTV at 4.85% and 4.79%, respectively. Borrowers in Great Britain and Northern Ireland can apply for either of these deals directly with the lender and will face a more modest booking fee of £490. As well as a free valuation, they both also include free legal fees and land places on our Moneyfacts Best Buy charts based on their overall true cost.

Elsewhere, TSB continues to charge the lowest three-year fixed remortgage rate this week with two deals priced at 4.79%. These mortgages are both available throughout Great Britain – either direct or via selected intermediaries – and can finance up to 60% LTV. While they each come with a free valuation and a £995 arrangement fee, one additionally includes free legal fees and the other £300 cashback.

Alternatively, borrowers in Great Britain looking for a loan to cover a larger portion of their property could consider another three-year fix from the same lender that can finance up to 85% LTV at 4.99% and which features on our Moneyfacts Best Buy chart. This deal also costs £995 in arrangement fees and is available direct or via selected intermediaries. As well as a free valuation, it offers the choice of free legal fees or £300 cashback as a further incentive.

The best mortgage rates for homemovers

It’s a similar situation in the homemoving market, with HSBC now offering the cheapest-priced two- and five-year fixed mortgages after slashing rates. Accessible direct or via selected intermediaries by borrowers in Great Britain and Northern Ireland, these deals can finance up to 60% of a property at 4.45% and 4.61%, respectively. They each cost £999 in booking fees but include a free valuation as an added perk. Based on all these factors, and its overall true cost, the five-year fix earns a spot on our Moneyfacts Best Buy chart.

Other options from the lender also appear on our Moneyfacts Best Buy chart this week and may appeal to borrowers with less equity. For example, a two-year fixed ‘Fee Saver’ mortgage from HSBC can finance up to 75% LTV at 4.78% and has no additional product fees. Meanwhile, a five-year fixed deal similarly caters for up to 75% LTV at 4.66% and costs £999 in booking fees. Both mortgages are available in Great Britain and Northern Ireland – either direct or via intermediaries – and include a free valuation as an incentive.

Homemovers who want to lock in a fixed price for three years, however, will find TSB continues to provide the lowest rate in this sector with a deal charging 4.64% to finance up to 60% LTV. This mortgage costs £995 in arrangement fees and includes a free valuation in the way of incentives. It can be applied for direct or via selected intermediaries by borrowers in Great Britain.

But, as moving home can be expensive, some may wish to save on upfront fees. While a three-year fix from first direct charges a marginally higher 4.66% to finance up to 60% LTV, it costs a smaller £490 in booking fees. Borrowers throughout Great Britain and Northern Ireland can apply for this deal direct from the lender and will receive a free valuation as an added extra.

The best first-time buyer mortgages

First-time buyers with a 10% deposit can also find the lowest two- and five-year fixed mortgage rates from HSBC – the latter of which has dipped below 5%. These deals charge 5.02% and 4.89%, respectively, and are available throughout Great Britain and Northern Ireland – either direct or via selected intermediaries. While they each cost £999 in booking fees, this is partially offset by the £750 cashback included as an incentive alongside a free valuation.

That being said, those who want to avoid upfront costs could consider two- and five-year fixed ‘Fee Saver’ mortgages from the lender which can finance up to 90% LTV at 5.26% and 5.02%, respectively, and don’t have any additional product fees. They can similarly be accessed direct from the lender or via selected intermediaries by borrowers in Great Britain and Northern Ireland but offer a slightly smaller £500 cashback – as well as a free valuation – as incentives.

Have a smaller deposit? The lowest two-year fixed rate available to first-time buyers with a 5% deposit has also fallen slightly to 5.36% after The Co-operative Bank for Intermediaries made cuts yesterday (5 May 2026). As the lender’s name suggests, this deal is available to borrowers in Great Britain via selected intermediaries. It costs £999 in arrangement fees, but comes with a free valuation and £250 cashback as perks.

However, first-time buyers can access a more substantial £1,000 cashback with a two-year fix from HSBC which caters for up to 95% LTV at 5.59% and features on our Moneyfacts Best Buy chart. Despite the higher rate, the fact that this ‘Fee Saver’ deal doesn’t have any additional product fees and comes with a free valuation may boost its appeal. Borrowers in Great Britain and Northern Ireland can apply for this mortgage direct or via selected intermediaries.

It’s also possible to secure a fixed rate for longer with a 5% deposit. Deals from Leeds BS and Barclays Mortgage continue to charge the lowest five-year fixed rate in this corner of the mortgage market, at 5.32%. The former is available to borrowers in England, Wales, mainland Scotland and Northern Ireland either direct or via intermediaries. It costs £999 in arrangement fees and offers a free valuation in the way of incentives.

Meanwhile, Barclays Mortgage charges the same rate on a five-year fixed ‘Springboard’ deal. This is a specialist product that enables family and friends to help a first-time buyer onto the ladder by depositing a sum equivalent to 10% of the property’s value into the lender’s Helpful Start Account for a minimum of five years (see Barclays Mortgage for further details). It can be accessed by borrowers throughout Great Britain and Northern Ireland either direct or via intermediaries and doesn’t have any additional product fees. What’s more, it comes with a free valuation as an extra perk.