Last updated: 12 February 2025 at 12:40
Fixed rates remain mostly stagnant following last week’s base rate cut, while product choice for first-time buyers rises.
Less than a week after the Bank of England’s Monetary Policy Committee (MPC) voted to slash the base rate to 4.50%, many of the lowest fixed mortgage rates remain the same; frustrating news for those holding out for a new deal.
However, despite unyielding rates, first-time buyers may have more deals to choose from, with the number of 95% loan-to-value (LTV) mortgages hitting a near five-year high in the month to the beginning of February 2025.
This saw the sector surpass the growth in the number of 60% LTV mortgages, which observed a slight decline in the same timeframe, though rates are still high.
“Despite rising choice, average rates across a two- or five-year fixed deal at 95% loan-to-value are higher than at the start of 2025,” explained Rachel Springall, Finance Expert at Moneyfactscompare.co.uk.
This week, the lowest rate for a two-year deal at 95% LTV holds firm at 5.29%, while those after a longer five-year term will find the lowest rate edging higher to 5.08%.
Below, we provide more information on these and other 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 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.
For a wider overview of the market, you can visit our mortgage charts.
Although we’ve highlighted the lowest rates across our mortgage charts, borrowers should always keep in mind that the lowest rate may not be the best, or most cost effective, deal for them. Instead, it is important to consider factors such as product fees and incentives when comparing mortgage deals, as these can have a significant impact on the cost of the mortgage. Consumers unsure of which deal is right for them should consider speaking to a mortgage broker, who will be able to provide advice on the best deal for their circumstances.
Last updated: 12/02/2025
Rate: 4.31% fixed until 31 May 2027, before reverting to 7.49%
Initial period: 2 years
Product fee: £1,495
Maximum loan-to-value: 60%
APRC: 7.1%
Representative example: £210,000 mortgage over 25 years initially at 4.31% fixed for 27 months reverting to 7.49% variable for term. 27 monthly payments of £1144.72 and 273 monthly payments of £1519.79. Total amount payable £447,685.11 includes loan amount, interest of £235,810, valuation fees of £0 and product fees of £1495. The overall cost for comparison is 7.1% APRC representative.
Rate: 4.31% fixed until 31 May 2027, before reverting to 7.49%
Initial period: 2 years
Product fee: £1,495
Maximum loan-to-value: 60%
APRC: 7.1%
Representative example: £210,000 mortgage over 25 years initially at 4.31% fixed for 27 months reverting to 7.49% variable for term. 27 monthly payments of £1144.72 and 273 monthly payments of £1519.79. Total amount payable £447,685.11 includes loan amount, interest of £235,810, valuation fees of £0 and product fees of £1495. The overall cost for comparison is 7.1% APRC representative.
Rate: 4.31% fixed until 2 May 2027, before reverting to 7.00%
Initial period: 2 years
Product fee: £999
Maximum loan-to-value: 60%
APRC: 6.7%
Representative example: £210,000 mortgage over 25 years initially at 4.31% fixed for 26 months reverting to 7.00% variable for term. 26 monthly payments of £1144.72 and 274 monthly payments of £1459.59. Total amount payable £431,294.38 includes loan amount, interest of £219,690, valuation fees of £0 and product fees of £999. The overall cost for comparison is 6.7% APRC representative.
Rate: 4.28% fixed until 31 May 2028, before reverting to 7.99%
Initial period: 3 years
Product fee: £999
Maximum loan-to-value: 60%
APRC: 7.1%
Representative example: £210,000 mortgage over 25 years initially at 4.28% fixed for 39 months reverting to 7.99% variable for term. 39 monthly payments of £1141.18 and 261 monthly payments of £1566.30. Total amount payable £454,689.32 includes loan amount, interest of £243,310, valuation fees of £0 and product fees of £999. The overall cost for comparison is 7.1% APRC representative.
Rate: 4.14% fixed until 31 May 2030, before reverting to 7.49%
Initial period: 5 years
Product fee: £1,495
Maximum loan-to-value: 60%
APRC: 6.2%
Representative example: £210,000 mortgage over 25 years initially at 4.14% fixed for 63 months reverting to 7.49% variable for term. 63 monthly payments of £1124.75 and 237 monthly payments of £1472.20. Total amount payable £421,645.65 includes loan amount, interest of £209,771, valuation fees of £0 and product fees of £1495. The overall cost for comparison is 6.2% APRC representative.
Rate: 4.14% fixed until 31 May 2030, before reverting to 7.49%
Initial period: 5 years
Product fee: £1,495
Maximum loan-to-value: 60%
APRC: 6.2%
Representative example: £210,000 mortgage over 25 years initially at 4.14% fixed for 63 months reverting to 7.49% variable for term. 63 monthly payments of £1124.75 and 237 monthly payments of £1472.20. Total amount payable £421,645.65 includes loan amount, interest of £209,771, valuation fees of £0 and product fees of £1495. The overall cost for comparison is 6.2% APRC representative.
Rate: 4.14% fixed for five years, before reverting to 6.99%
Initial period: 5 years
Product fee: £490
Maximum loan-to-value: 60%
APRC: 6.0%
Representative example: £210,000 mortgage over 25 years initially at 4.14% fixed for 60 months reverting to 6.99% variable for term. 60 monthly payments of £1124.75 and 240 monthly payments of £1420.56. Total amount payable £409,289.40 includes loan amount, interest of £198,419, valuation fees of £0 and product fees of £490. The overall cost for comparison is 6.0% APRC representative.
Remortgage borrowers after the lowest two- and five-year fixed rates have more options to choose from this week, following cuts from NatWest and NatWest Int Sols. Charging 4.31% and 4.14% respectively, these deals can finance a maximum 60% loan-to-value (LTV), and cost £1,495 in arrangement fees. Available across Great Britain and Northern Ireland, NatWest’s ‘Online Exclusive’ deals include a free valuation and free legal fees, while the options from the lender’s intermediary arm instead offer a free valuation with the choice of either free legal fees or £250 cashback.
Santander continues to charge 4.31% on its two-year fixed deal for those in Great Britain and Northern Ireland. It caters for up to 60% LTV and comes with a £999 arrangement fee, offering a free valuation across England, Wales and Northern Ireland (up to £1,190) or £95 towards fees in Scotland. Furthermore, this mortgage also includes the choice between free legal fees up to a value of £200 or £250 cashback upon completion.
Meanwhile, a five-year fixed deal from first direct again charges 4.14% for those with 40% equity in their home. From a £490 booking fee, borrowers across Great Britain and Northern Ireland can apply for this mortgage directly, which includes a free valuation and free legal fees as added incentives.
Unfortunately for remortgage borrowers looking for a three-year mortgage, an increase in the sector caused the lowest rate to creep upwards to 4.28% and is now charged on a deal from Halifax. Costing £999 in arrangement fees, this mortgage can finance up to 60% LTV and can be applied for directly across Great Britain and Northern Ireland. On top of a free valuation and free legal fees, those with an Energy Performance Certificate (EPC) rating of 81 or more on their property can also benefit from £250 cashback. However, borrowers should note this deal’s considerable £100,000 minimum loan requirement.
Principality again earns a spot on our Moneyfacts Best Buy chart this week with its three-year mortgage charging 4.82%, which may appeal for its 80% maximum LTV and lack of added product fees. Available across England and Wales, this deal also includes a free valuation as well as free legal fees.
Last updated: 12/02/2025
Rate: 4.23% fixed until 31 May 2027, before reverting to 7.49%
Initial period: 2 years
Product fee: £1,495
Maximum loan-to-value: 60%
APRC: 7.0%
Representative example: £250,000 mortgage over 25 years initially at 4.23% fixed for 27 months reverting to 7.49% variable for term. 27 monthly payments of £1351.55 and 273 monthly payments of £1808.18. Total amount payable £531,669.99 includes loan amount, interest of £280,125, valuation fees of £0 and product fees of £1495. The overall cost for comparison is 7.0% APRC representative.
Rate: 4.23% fixed until 31 May 2027, before reverting to 7.49%
Initial period: 2 years
Product fee: £1,495
Maximum loan-to-value: 60%
APRC: 7.0%
Representative example: £250,000 mortgage over 25 years initially at 4.23% fixed for 27 months reverting to 7.49% variable for term. 27 monthly payments of £1351.55 and 273 monthly payments of £1808.18. Total amount payable £531,669.99 includes loan amount, interest of £280,125, valuation fees of £0 and product fees of £1495. The overall cost for comparison is 7.0% APRC representative.
Rate: 4.23% fixed for two years, before reverting to 6.99%
Initial period: 2 years
Product fee: £490
Maximum loan-to-value: 60%
APRC: 6.7%
Representative example: £250,000 mortgage over 25 years initially at 4.23% fixed for 24 months reverting to 6.99% variable for term. 24 monthly payments of £1351.55 and 276 monthly payments of £1737.50. Total amount payable £512,527.20 includes loan amount, interest of £261,987, valuation fees of £0 and product fees of £490. The overall cost for comparison is 6.7% APRC representative.
Rate: 4.14% fixed for three years, before reverting to 6.74%
Initial period: 3 years
Product fee: £999
Maximum loan-to-value: 60%
APRC: 6.2%
Representative example: £250,000 mortgage over 25 years initially at 4.14% fixed for 36 months reverting to 6.74% variable for term. 36 monthly payments of £1338.99 and 264 monthly payments of £1686.11. Total amount payable £494,485.68 includes loan amount, interest of £243,337, valuation fees of £0 and product fees of £999. The overall cost for comparison is 6.2% APRC representative.
Rate: 4.13% fixed for five years, before reverting to 6.99%
Initial period: 5 years
Product fee: £490
Maximum loan-to-value: 60%
APRC: 5.9%
Representative example: £250,000 mortgage over 25 years initially at 4.13% fixed for 60 months reverting to 6.99% variable for term. 60 monthly payments of £1337.60 and 240 monthly payments of £1690.85. Total amount payable £486,600.00 includes loan amount, interest of £236,060, valuation fees of £0 and product fees of £490. The overall cost for comparison is 5.9% APRC representative.
Homemovers may be frustrated to see the lowest two- and five-year fixed rates holding firm this week. Offered by first direct, its selected deals charge 4.23% and 4.13% respectively from £490 booking fees and can cater for a maximum 60% LTV. These options are accessible across Great Britain and Northern Ireland and, as a bonus, include a free valuation. They also both feature as Moneyfacts Best Buys.
For those in need of a higher 75% LTV, first direct offers a five-year option charging 4.24% that also earns a spot on our Moneyfacts Best Buy chart. It comes with the same £490 booking fee and free valuation incentive as well as being available across the same lending area.
NatWest and NatWest Int Sols now also charge the lowest two-year fixed rate at 4.23% for borrowers with a 40% deposit. Available across Great Britain and Northern Ireland, these mortgages charge £1,495 arrangement fees and come with a free valuation.
The lowest three-year fixed rate for homemovers saw a welcome drop to 4.14% following a cut from MPowered Mortgages. Its deal can finance a maximum 60% LTV and costs £999 in arrangement fees; a free valuation is also included as an added perk. Borrowers can apply for this mortgage via intermediaries across England and Wales.
A smaller £490 booking fee can be found with a three-year fixed deal from first direct, which charges 4.34%. This Moneyfacts Best Buy option can also cater for a higher 75% LTV and offers a free valuation. It’s available directly across Great Britain and Northern Ireland.
Last updated: 12/02/2025
Rate: 5.03% fixed until 30 June 2027, before reverting to 7.37%
Initial period: 2 years
Product fee: £999
Maximum loan-to-value: 90%
APRC: 7.1%
Representative example: £200,000 mortgage over 25 years initially at 5.03% fixed for 28 months reverting to 7.37% variable for term. 28 monthly payments of £1172.68 and 272 monthly payments of £1439.73. Total amount payable £425,590.60 includes loan amount, interest of £224,442, valuation fees of £0 and product fees of £999. The overall cost for comparison is 7.1% APRC representative.
Rate: 4.69% fixed until 31 May 2030, before reverting to 6.99%
Initial period: 5 years
Product fee: £999
Maximum loan-to-value: 90%
APRC: 6.2%
Representative example: £200,000 mortgage over 25 years initially at 4.69% fixed for 63 months reverting to 6.99% variable for term. 63 monthly payments of £1133.34 and 237 monthly payments of £1363.12. Total amount payable £395,603.86 includes loan amount, interest of £194,460, valuation fees of £0 and product fees of £999. The overall cost for comparison is 6.2% APRC representative.
Rate: 5.29% fixed until 30 April 2027, before reverting to 7.74%
Initial period: 2 years
Product fee: £1,499
Maximum loan-to-value: 95%
APRC: 7.5%
Representative example: £200,000 mortgage over 25 years initially at 5.29% fixed for 26 months reverting to 7.74% variable for term. 26 monthly payments of £1203.22 and 274 monthly payments of £1488.70. Total amount payable £440,931.52 includes loan amount, interest of £239,188, valuation fees of £0 and product fees of £1499. The overall cost for comparison is 7.5% APRC representative.
Rate: 5.08% fixed until 30 April 2030, before reverting to 7.99%
Initial period: 5 years
Product fee: £1,495
Maximum loan-to-value: 95%
APRC: 7.0%
Representative example: £200,000 mortgage over 25 years initially at 5.08% fixed for 62 months reverting to 7.99% variable for term. 62 monthly payments of £1178.52 and 238 monthly payments of £1480.51. Total amount payable £427,059.62 includes loan amount, interest of £225,430, valuation fees of £0 and product fees of £1495. The overall cost for comparison is 7.0% APRC representative.
The lowest two-year rate for first-time buyers with a 10% deposit in Great Britain remains at 5.03% this week, again charged by a deal from The Co-operative Bank for Intermediaries. Costing £999 in arrangement fees, it includes a free valuation and £250 cashback as incentives.
Borrowers across Great Britain and Northern Ireland looking to save on upfront fees could consider a two-year fixed mortgage from first direct, which includes a modest £490 booking fee. Charging 5.09%, it can also service up to 90% LTV and comes with a free valuation.
After a longer five-year mortgage? The lowest fixed rate for first-time buyers with a 10% deposit dipped to 4.69% and is now offered by HSBC. Its deal charges this rate alongside a £999 booking fee and is available directly or via selected intermediaries across Great Britain and Northern Ireland. Adding to its appeal, this deal comes with a free valuation and £350 cashback.
Those looking to better these incentives will find five-year deals from TSB offering a higher £500 cashback incentive as well as a free valuation. These options charge 4.84%, cater for a maximum 90% LTV and cost £995 in arrangement fees. Both are available across Great Britain, however, one can be applied for directly, while the other is accessible through selected intermediaries.
Meanwhile, if you’re looking to buy your first home but only have a 5% deposit, the lowest two-year fixed rate across Great Britain can still be found with Clydesdale Bank. Its broker exclusive deal charges 5.29% from a sizeable £1,499 and includes a free valuation. Keep in mind that a £150,000 minimum loan is needed to apply.
If this is too much, however, HSBC offers a two-year fixed deal charging 5.59% that requires a more reasonable £10,000 minimum loan. What’s more, it charges no additional product fees and includes both a free valuation and £500 cashback as perks. This Moneyfacts Best Buy is available directly or via selected intermediaries across Great Britain and Northern Ireland and can also finance a maximum 95% LTV.
First-time buyers with a 5% deposit after a five-year fixed deal may be disappointed to see the lowest rate rising above the 5% threshold this week to 5.08%. Leek Building Society charges this on one of its deals, which is available across England and Wales and costs £1,495 in completion fees. It also includes a free valuation and features on our Moneyfacts Best Buy chart.
Alternatively, a Moneyfacts Best Buy deal from HSBC is also worth considering. This five-year fixed mortgage charges 5.25% but includes no additional product fees and can finance a maximum 95% LTV. Borrowers who value incentives may be pleased to see the addition of a free valuation, as well as £500 cashback when applying across Great Britain or Northern Ireland.
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