Best UK Residential Mortgage Rates This Week (2024)

Rhiannon Philps

Content Writer

Published: 04/09/2024

Last updated: 4 September 2024 at 13:50

Mortgage borrowing increased in July as fixed mortgage rates continue to fall.

July saw an increase in the amount of mortgage borrowing by individuals, according to the latest Money and Credit report from the Bank of England. At £2.8 billion, this monthly figure is the highest total since November 2022.

The report also found that, after increasing to 62,000 in July, the number of mortgage approvals reached its highest point since September 2022.

These figures are a positive sign for the mortgage market, which has also seen fixed rates fall steadily over the past few weeks.

And prospective borrowers will be pleased to see this trend continue as several major lenders made further cuts to their range of mortgage products this week, resulting in many of the lowest fixed rates dropping once again.

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 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.

Alternatively, visit our mortgage charts for a complete overview of the market.

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.

The best remortgage rates

Last updated: 04/09/2024

Halifax

Rate: 4.25% fixed until 30 November 2026 before reverting to 8.49%

Initial period: 2 years

Product fee: £999

Maximum loan-to-value: 60%

APRC: 7.9%

_{Representative example: £210,000 mortgage over 25 years initially at 4.25% fixed for 26 months reverting to 8.49% variable for term. 26 monthly payments of £1137.65 and 274 monthly payments of £1648.92. Total amount payable £482,761.98 includes loan amount, interest of £271,383, valuation fees of £0 and product fees of £999. The overall cost for comparison is 7.9% APRC representative.}

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NatWest

Rate: 4.25% fixed until 31 December 2026 before reverting to 7.99%

Initial period: 2 years

Product fee: £1,495

Maximum loan-to-value: 60%

APRC: 7.5%

_{Representative example: £210,000 mortgage over 25 years initially at 4.25% fixed for 27 months reverting to 7.99% variable for term. 27 monthly payments of £1137.65 and 273 monthly payments of £1582.64. Total amount payable £464,652.27 includes loan amount, interest of £252,777, valuation fees of £0 and product fees of £1495. The overall cost for comparison is 7.5% APRC representative.}

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MPowered Mortgages

Rate: 4.25% fixed for three years before reverting to 7.49%

Initial period: 3 years

Product fee: £999

Maximum loan-to-value: 60%

APRC: 6.8%

_{Representative example: £210,000 mortgage over 25 years initially at 4.25% fixed for 36 months reverting to 7.49% variable for term. 36 monthly payments of £1137.65 and 264 monthly payments of £1508.33. Total amount payable £440,633.52 includes loan amount, interest of £229,155, valuation fees of £0 and product fees of £999. The overall cost for comparison is 6.8% APRC representative.}

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NatWest

Rate: 3.92% fixed until 31 December 2029 before reverting to 7.99%

Initial period: 5 years

Product fee: £1,495

Maximum loan-to-value: 60%

APRC: 6.4%

_{Representative example: £210,000 mortgage over 25 years initially at 3.92% fixed for 63 months reverting to 7.99% variable for term. 63 monthly payments of £1099.20 and 237 monthly payments of £1521.88. Total amount payable £431,810.16 includes loan amount, interest of £219,935, valuation fees of £0 and product fees of £1495. The overall cost for comparison is 6.4% APRC representative.}

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NatWest Int Sols

Rate: 3.92% fixed until 31 December 2029 before reverting to 7.99%

Initial period: 5 years

Product fee: £1,495

Maximum loan-to-value: 60%

APRC: 6.4%

_{Representative example: £210,000 mortgage over 25 years initially at 3.92% fixed for 63 months reverting to 7.99% variable for term. 63 monthly payments of £1099.20 and 237 monthly payments of £1521.88. Total amount payable £431,810.16 includes loan amount, interest of £219,935, valuation fees of £0 and product fees of £1495. The overall cost for comparison is 6.4% APRC representative.}

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After Halifax and NatWest reduced their rates, the lowest two-year fixed remortgage rate fell to 4.25% this week. Both banks offer deals at this rate, which can finance up to 60% loan-to-value (LTV) and come with the perks of a free valuation and free legal fees.

The Halifax deal charges a £999 arrangement fee and offers a Green Home cashback of £250 if your property has an Energy Performance Certificate (EPC) rating of 81 or higher. Borrowers in Great Britain and Northern Ireland can apply for this deal, which features as a Moneyfacts Best Buy, from Halifax directly.

Also available across Great Britain and Northern Ireland, NatWest’s deal comes with a larger arrangement fee of £1,495. Borrowers can apply for it online from NatWest.

Borrowers wanting to fix for a longer period will find the lowest three-year fixed remortgage rate remains unchanged this week at 4.25%, which means it is now the same as the lowest two-year rate. MPowered Mortgages offers a three-year fix at this rate which can finance up to 60% of your property’s value. Available via intermediaries across England and Wales, this deal charges a £999 arrangement fee and comes with the benefits of a free valuation and £256 towards legal fees.

Alternatively, remortgage borrowers in Great Britain needing to finance a larger proportion of their property could consider a Moneyfacts Best Buy deal from The Co-operative Bank at 4.80%. This three-year fix has a maximum LTV of 80%, charges a £999 arrangement fee and offers the incentives of a free valuation, free legal fees and £250 cashback.

The lowest five-year fixed rate for remortgages fell once again this week and is now offered by NatWest and NatWest Int Sols. Charging 3.92%, these deals have a maximum LTV of 60% and charge a £1,495 product fee.

Both deals from NatWest and NatWest Int Sols come with a free valuation and free legal fees, while the deal from NatWest Int Sols also has the option of £250 cashback instead of the legal fees. Borrowers in Great Britain and Northern Ireland can apply for the NatWest deal online from the bank directly or the NatWest Int Sols deals via intermediaries.

NatWest also offers a Moneyfacts Best Buy deal with a higher maximum LTV of 75% at 4.01%. It charges a £1,495 product fee and comes with the perks of a free valuation and free legal fees.

Compare remortgages

Best Remortgage Rates

The best mortgage rates for homemovers

Last updated: 04/09/2024

NatWest

Rate: 4.07% fixed until 31 December 2026 before reverting to 7.99%

Initial period: 2 years

Product fee: £1,495

Maximum loan-to-value: 60%

APRC: 7.4%

_{Representative example: £250,000 mortgage over 25 years initially at 4.07% fixed for 27 months reverting to 7.99% variable for term. 27 monthly payments of £1329.27 and 273 monthly payments of £1881.52. Total amount payable £551,090.25 includes loan amount, interest of £299,545, valuation fees of £0 and product fees of £1495. The overall cost for comparison is 7.4% APRC representative.}

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first direct

Rate: 4.19% fixed for three years before reverting to 6.99%

Initial period: 3 years

Product fee: £490

Maximum loan-to-value: 60%

APRC: 6.4%

_{Representative example: £250,000 mortgage over 25 years initially at 4.19% fixed for 36 months reverting to 6.99% variable for term. 36 monthly payments of £1345.96 and 264 monthly payments of £1722.48. Total amount payable £503,729.28 includes loan amount, interest of £253,189, valuation fees of £0 and product fees of £490. The overall cost for comparison is 6.4% APRC representative.}

Go to provider's site
MPowered Mortgages

Rate: 4.19% fixed for three years before reverting to 7.49%

Initial period: 3 years

Product fee: £999

Maximum loan-to-value: 60%

APRC: 6.8%

_{Representative example: £250,000 mortgage over 25 years initially at 4.19% fixed for 36 months reverting to 7.49% variable for term. 36 monthly payments of £1345.96 and 264 monthly payments of £1794.54. Total amount payable £523,362.12 includes loan amount, interest of £272,213, valuation fees of £0 and product fees of £999. The overall cost for comparison is 6.8% APRC representative.}

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NatWest

Rate: 3.71% fixed until 31 December 2029 before reverting to 7.99%

Initial period: 5 years

Product fee: £1,495

Maximum loan-to-value: 60%

APRC: 6.3%

_{Representative example: £250,000 mortgage over 25 years initially at 3.71% fixed for 63 months reverting to 7.99% variable for term. 63 monthly payments of £1279.89 and 237 monthly payments of £1804.58. Total amount payable £509,863.53 includes loan amount, interest of £258,319, valuation fees of £0 and product fees of £1495. The overall cost for comparison is 6.3% APRC representative.}

Speak to a broker

Continuing their downwards trend, the lowest two- and five-year fixed mortgage rates for homemovers dropped again after providers made a range of cuts. NatWest’s online-exclusive deals now charge the lowest rates of 4.07% (two-year) and 3.71% (five-year), which can finance up to 60% LTV. Both deals charge a £1,495 product fee and offer the perk of a free valuation. Homemovers in Great Britain and Northern Ireland are eligible to apply.

Alternatively, Barclays Mortgage has a two-year fix at 4.75% that can finance up to 85% of your property purchase and doesn’t charge any product fees. Featuring as a Moneyfacts Best Buy, it also comes with a free valuation.

For a longer fix, Nationwide BS has a five-year deal at 4.24% that features as a Moneyfacts Best Buy. It can finance a maximum LTV of 80%, charges a £999 fee and offers the incentive of a free valuation. Furthermore, it comes with a Green Home cashback of £250 if your new home has an EPC rating between 86 and 91, or £500 if it has a score of 92 or higher.

After HSBC withdrew a selection of its mortgage products, the lowest three-year fix for homemovers bucked the trend seen across other sectors by edging slightly higher this week.

The lowest rate now comes from first direct and MPowered Mortgages at 4.19%, with both providers able to finance up to 60% LTV. Both deals offer a free valuation but first direct charges a £490 booking fee compared to the £999 arrangement fee charged by MPowered Mortgages. Because of its overall value, the first direct deal features as a Moneyfacts Best Buy.

While the deal from first direct is available from the provider directly to homemovers across Great Britain and Northern Ireland, the MPowered Mortgages deal is only available via intermediaries to those in England and Wales.

Borrowers in Great Britain who need to finance a larger proportion of their new home could consider a three-year fix from Coventry BS that has a maximum LTV of 80%. Charging a rate of 4.66% and a £999 fee, this deal offers a free valuation and features as a Moneyfacts Best Buy.

Compare moving home mortgages

Best Moving Home Rates

The best first-time buyer mortgages

Last updated: 04/09/2024

Virgin Money

Rate: 5.14% fixed until 1 December 2026 before reverting to 8.99%

Initial period: 2 years

Product fee: £995

Maximum loan-to-value: 90%

APRC: 8.4%

_{Representative example: £200,000 mortgage over 25 years initially at 5.14% fixed for 26 months reverting to 8.99% variable for 58 months and 8.74% variable for term. 26 monthly payments of £1185.55, 58 monthly payments of £1643.32 and 216 monthly payments of £1616.02. Total amount payable £476,555.18 includes loan amount, interest of £275,197, valuation fees of £214 and product fees of £995. The overall cost for comparison is 8.4% APRC representative.}

Speak to a broker
Virgin Money

Rate: 4.59% fixed until 1 December 2029 before reverting to 8.99%

Initial period: 5 years

Product fee: £995

Maximum loan-to-value: 90%

APRC: 7.2%

_{Representative example: £200,000 mortgage over 25 years initially at 4.59% fixed for 62 months reverting to 8.99% variable for 22 months and 8.74% variable for term. 62 monthly payments of £1121.91, 22 monthly payments of £1578.87 and 216 monthly payments of £1552.64. Total amount payable £441,021.80 includes loan amount, interest of £239,664, valuation fees of £214 and product fees of £995. The overall cost for comparison is 7.2% APRC representative.}

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The Co-operative Bank

Rate: 5.42% fixed until 31 January 2027 before reverting to 7.87%

Initial period: 2 years

Product fee: £999

Maximum loan-to-value: 95%

APRC: 7.6%

_{Representative example: £200,000 mortgage over 25 years initially at 5.42% fixed for 28 months reverting to 7.87% variable for term. 28 monthly payments of £1218.64 and 272 monthly payments of £1504.27. Total amount payable £444,432.36 includes loan amount, interest of £243,283, valuation fees of £0 and product fees of £999. The overall cost for comparison is 7.6% APRC representative.}

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The Co-operative Bank for Intermediaries

Rate: 5.42% fixed until 31 January 2027 before reverting to 7.87%

Initial period: 2 years

Product fee: £999

Maximum loan-to-value: 95%

APRC: 7.6%

_{Representative example: £200,000 mortgage over 25 years initially at 5.42% fixed for 28 months reverting to 7.87% variable for term. 28 monthly payments of £1218.64 and 272 monthly payments of £1504.27. Total amount payable £444,432.36 includes loan amount, interest of £243,283, valuation fees of £0 and product fees of £999. The overall cost for comparison is 7.6% APRC representative.}

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The Co-operative Bank

Rate: 5.05% fixed until 31 January 2030 before reverting to 7.87%

Initial period: 5 years

Product fee: £999

Maximum loan-to-value: 95%

APRC: 6.8%

_{Representative example: £200,000 mortgage over 25 years initially at 5.05% fixed for 64 months reverting to 7.87% variable for term. 64 monthly payments of £1175.01 and 236 monthly payments of £1464.62. Total amount payable £421,999.96 includes loan amount, interest of £220,851, valuation fees of £0 and product fees of £999. The overall cost for comparison is 6.8% APRC representative.}

Speak to a broker
The Co-operative Bank for Intermediaries

Rate: 5.05% fixed until 31 January 2030 before reverting to 7.87%

Initial period: 5 years

Product fee: £999

Maximum loan-to-value: 95%

APRC: 6.8%

_{Representative example: £200,000 mortgage over 25 years initially at 5.05% fixed for 64 months reverting to 7.87% variable for term. 64 monthly payments of £1175.01 and 236 monthly payments of £1464.62. Total amount payable £421,999.96 includes loan amount, interest of £220,851, valuation fees of £0 and product fees of £999. The overall cost for comparison is 6.8% APRC representative.}

Speak to a broker

Virgin Money reduced some of its fixed rates last week, which means it now offers the lowest two-year fix for first-time buyers with a 10% deposit at 5.14%, as well as the lowest five-year fixed rate at 4.59%. Both deals charge a £995 arrangement fee and come with the perk of £300 cashback. First-time buyers in Great Britain and Northern Ireland are eligible to apply for these deals from Virgin Money directly or via intermediaries.

Alternatively, for a two-year fix with a maximum LTV of 90% that doesn’t charge any product fees, first-time buyers could consider a deal from Barclays Mortgage at 5.38%. Available across Great Britain and Northern Ireland, this deal also offers the perk of a free valuation.

First-time buyers with a 10% deposit in search of a deal with more incentives could consider a five-year fix from Nationwide BS at 4.64%. This deal offers a free valuation, £500 cashback and an additional £250 cashback if your home has an EPC score of 86 to 91, or £500 cashback for a score of 92 or more. Note that it charges a £999 reservation fee. Borrowers in Great Britain and Northern Ireland (excluding the Scilly Isles) can apply for this deal directly or via intermediaries.

Those with a smaller 5% deposit will be pleased to see the lowest two-year fixed rate fall slightly this week to 5.42%, thanks to deals from The Co-operative Bank and The Co-operative Bank for Intermediaries. Both providers also offer the lowest five-year fixed rate with a maximum LTV of 95% at 5.05%, with the five-year deal from The Co-operative Bank featuring as a Moneyfacts Best Buy.

All these deals charge an arrangement fee of £999 and offer a free valuation and £250 cashback as additional perks. Borrowers in Great Britain can apply for these deals from The Co-operative Bank directly or via selected intermediaries.

First-time buyers who would prefer a two- or five-year fix without any product fees may be interested in Moneyfacts Best Buy deals from Nationwide BS. Charging 5.70% and 5.19% respectively, these deals also come with the incentives of a free valuation and £500 cashback. They may be particularly appealing to those buying an energy-efficient property as they offer an extra £250 cashback if your home has an EPC score between 86 and 91 or £500 cashback for scores of 92 or higher. They are available to first-time buyers in Great Britain and Northern Ireland (excluding the Scilly Isles).

Compare first-time buyer mortgages

Best First-Time Buyer Rates

Should I speak to a mortgage broker?

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A bridging loan can be used to purchase a property at auction, continue a purchase if your sale has fallen through, or for funding redevelopment projects. A lender could support your plans with between £50,000 and £25m, depending on your circumstances. Learn more about bridging loans today.

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The best UK residential mortgage rates this week

Rhiannon Philps

News contents

The best remortgage rates

Compare remortgages

The best mortgage rates for homemovers

Compare moving home mortgages

The best first-time buyer mortgages

Compare first-time buyer mortgages

Should I speak to a mortgage broker?

Speak to an award-winning mortgage broker today

Could a bridging loan support your plans?

Other mortgage stories

News contents

The best UK residential mortgage rates this week

Rhiannon Philps

News contents

The best remortgage rates

Compare remortgages

The best mortgage rates for homemovers

Compare moving home mortgages

The best first-time buyer mortgages

Compare first-time buyer mortgages

Should I speak to a mortgage broker?

Speak to an award-winning mortgage broker today

Could a bridging loan support your plans?

Other mortgage stories

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