Last updated: 5 February 2025 at 13:30
Fixed rates fluctuate as base rate announcement looms.
With the Bank of England’s base rate announcement now only a day away, many prospective borrowers will no doubt be hoping for a cut to help bring down mortgage prices.
However, with various experts anticipating the UK’s central interest rate to fall in 2025, which could be as soon as tomorrow (Thursday 6 February), it’s likely that lenders have already factored in any potential cuts to their deals.
Indeed, fixed mortgage deals continue to fluctuate this week, including for remortgage borrowers who may be disappointed to see the lowest two- and three-year rates on the rise.
It’s a similar story for homemovers, for whom the lowest three-year rate has also edged higher, though fortunately other rates across both sectors remain stable.
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: 05/02/2025
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: 4.25% fixed until 31 March 2028, before reverting to 8.24%
Initial period: 3 years
Product fee: £1,495
Maximum loan-to-value: 60%
APRC: 7.4%
Representative example: £210,000 mortgage over 25 years initially at 4.25% fixed for 37 months reverting to 8.24% variable for term. 37 monthly payments of £1137.65 and 263 monthly payments of £1599.78. Total amount payable £464,710.19 includes loan amount, interest of £252,835, valuation fees of £0 and product fees of £1495. The overall cost for comparison is 7.4% 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.
Unfortunately for remortgage borrowers, hikes in the sector caused the lowest two-year fixed rate to rise this week to 4.31%. Santander charges this rate on two of its deals for those in Great Britain and Northern Ireland, one being available directly while the other can be applied for via intermediaries. Aside from this, these mortgages are identical, and both offer a maximum 60% loan-to-value (LTV) costing £999 in arrangement fees. As added incentives, a free valuation is included for borrowers in England, Wales and Northern Ireland (up to a value of £1,190), or £95 towards valuation fees for those in Scotland. What’s more, borrowers will also have the choice between receiving £250 cashback on completion or free legal fees up to £200.
Those with less equity in their home could consider a two-year option from first direct. Available across Great Britain and Northern Ireland, this Moneyfacts Best Buy is priced at 4.54% and can finance up to 75% LTV. It costs £490 in booking fees and includes a free valuation and free legal fees.
The lowest three-year fixed rate for remortgage borrowers across Great Britain also rose, and now sits at 4.25%. Four deals from TSB all charge this rate from a £1,495 arrangement fee and cater for up to 60% LTV. Two of these options are available directly from the lender, and offer a free valuation, with one also including £300 cashback while other instead comes with free legal fees. Meanwhile, the remaining two mortgages offer the same perks, but are available via selected intermediaries.
If you’re looking to avoid upfront costs, or are after a higher 80% LTV, a three-year deal from Principality BS could be worth considering. It charges 4.82% with no added product fees and comes with both a free valuation and free legal fees. Available across England and Wales, this mortgage earns a place on our Moneyfacts Best Buy chart.
Conversely, remortgage borrowers will find the lowest five-year fixed rate holding steady at 4.14% which continues to be charged by first direct. Costing £490 in booking fees, this mortgage can service up to 60% LTV and includes a free valuation and free legal fees as a bonus. You’ll be able to apply for this deal directly across Great Britain and Northern Ireland.
A higher 80% LTV is available directly to borrowers in Great Britain and Northern Ireland with a five-year deal from Halifax charging 4.48%. This Moneyfacts Best Buy costs £999 in arrangement fees and includes a free valuation as well as free legal fees. Keep in mind if your property has an Energy Performance Certificate (EPC) rating of 81 or higher, you’ll also be eligible to receive £250 cashback.
Last updated: 05/02/2025
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: 4.19% 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.
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.
Offering the lowest two-, three- and five-year fixed rates for homemovers this week, first direct charges 4.23%, 4.19% and 4.13% respectively on its selected deals. Borrowers across Great Britain and Northern Ireland with a 40% deposit can apply for these mortgages directly with a modest £490 booking fee, and, as an added incentive, can receive a free valuation. As a result, all three options feature as Moneyfacts Best Buys.
Homemovers with a smaller deposit could consider a two-year Moneyfacts Best Buy deal from Furness BS. Priced at 4.58%, it offers up to 80% LTV and costs £999 in booking fees. This mortgage comes with a free valuation, £250 cashback and is available to borrowers across Great Britain.
Moving to an energy-efficient home? Nationwide BS offers a fellow Moneyfacts Best Buy three-year deal that includes £250 cashback if the property has an EPC score of 86 to 91, or £500 for scores of 92 or above; this is in addition to a free valuation. Priced at 4.98%, it caters for a maximum 90% LTV and is available across Great Britain and Northern Ireland, excluding the Scilly Isles.
A 90% maximum LTV is also offered on a five-year deal from first direct. Also featuring as a Moneyfacts Best Buy, it charges 4.74% from a £490 booking fee and includes a free valuation as an added perk. The deal is available directly across Great Britain and Northern Ireland.
Last updated: 05/02/2025
Rate: 5.03% fixed until 30 June 2027, before reverting to 7.62%
Initial period: 2 years
Product fee: £999
Maximum loan-to-value: 90%
APRC: 7.3%
Representative example: £200,000 mortgage over 25 years initially at 5.03% fixed for 28 months reverting to 7.62% variable for term. 28 monthly payments of £1172.68 and 272 monthly payments of £1469.80. Total amount payable £433,769.64 includes loan amount, interest of £232,621, valuation fees of £0 and product fees of £999. The overall cost for comparison is 7.3% APRC representative.
Rate: 4.73% fixed until 30 June 2030, before reverting to 7.62%
Initial period: 5 years
Product fee: £999
Maximum loan-to-value: 90%
APRC: 6.5%
Representative example: £200,000 mortgage over 25 years initially at 4.73% fixed for 64 months reverting to 7.62% variable for term. 64 monthly payments of £1137.94 and 236 monthly payments of £1429.73. Total amount payable £411,393.44 includes loan amount, interest of £210,244, valuation fees of £0 and product fees of £999. The overall cost for comparison is 6.5% APRC representative.
Rate: 4.73% fixed until 1 April 2030, reverting to 7.74% for 23 months, before reverting to 7.49%
Initial period: 2 years
Product fee: £999
Maximum loan-to-value: 90%
APRC: 6.6%
Representative example: £200,000 mortgage over 25 years initially at 4.73% fixed for 61 months reverting to 7.74% variable for 23 months and 7.49% variable for term. 61 monthly payments of £1137.94, 23 monthly payments of £1445.87 and 216 monthly payments of £1420.75. Total amount payable £410,909.35 includes loan amount, interest of £209,551, valuation fees of £214 and product fees of £995. The overall cost for comparison is 6.6% APRC representative.
Rate: 5.29% fixed until 30 April 2027, before reverting to 8.24%
Initial period: 2 years
Product fee: £1,499
Maximum loan-to-value: 95%
APRC: 8.0%
Representative example: £200,000 mortgage over 25 years initially at 5.29% fixed for 26 months reverting to 8.24% variable for term. 26 monthly payments of £1203.22 and 274 monthly payments of £1550.40. Total amount payable £457,837.32 includes loan amount, interest of £256,093, valuation fees of £0 and product fees of £1499. The overall cost for comparison is 8.0% APRC representative.
Rate: 4.99% fixed until 30 April 2030, before reverting to 8.84%
Initial period: 5 years
Product fee: £0
Maximum loan-to-value: 95%
APRC: 7.3%
Representative example: £200,000 mortgage over 25 years initially at 4.99% fixed for 62 months reverting to 8.84% variable for term. 62 monthly payments of £1168.02 and 238 monthly payments of £1572.65. Total amount payable £447,112.94 includes loan amount, interest of £246,708, valuation fees of £205 and product fees of £0. The overall cost for comparison is 7.3% APRC representative.
The market for those buying their first home remains turbulent this week, as rates rise and fall across various sectors. This includes the lowest two-year fixed rate for first-time buyers with a 10% deposit, which fortunately fell to 5.03% and is charged by The Co-operative Bank for Intermediaries. Available across Great Britain, its deal charges a £999 arrangement fee and includes both a free valuation and £250 cashback. It’s worth noting that those buying a new build property will only be able to apply for this mortgage in England.
Alternatively, if you’re in Great Britain or Northern Ireland and after a smaller upfront fee, first direct charges £490 in booking fees on a two-year fixed deal priced at 5.09%. This mortgage can also cater for a maximum 90% LTV and includes a free valuation.
The Co-operative Bank for Intermediaries also charges the lowest five-year fixed rate for first-time buyers with a 10% deposit at 4.73%. Its deal is subject to the same terms as its two-year counterpart and is available to the same lending area. Furthermore, the same free valuation and £250 cashback incentives are also included.
Also charging 4.73%, Virgin Money’s five-year deal caters for up to 90% LTV and costs a marginally lower £995 in arrangement fees. Open to borrowers across Great Britain and Northern Ireland, it includes £300 cashback.
First-time buyers in Great Britain with a smaller 5% deposit can again turn to a broker exclusive deal from Clydesdale Bank for the lowest two-year fixed rate. Priced at 5.29%, borrowers should note this deal’s substantial £150,000 minimum loan requirement and its £1,499 arrangement fee, partially offset by its free valuation incentive.
Having recently cut selected rates, Leeds BS now offers a two-year deal charging 5.39%, which may appeal for its lack of upfront product fees and free valuation incentive. This deal can be applied for directly or via intermediaries across England, Wales, Northern Ireland and mainland Scotland, and can finance up to a maximum 95% LTV.
Meanwhile, the lowest five-year fixed rate for first-time buyers with a 5% deposit remains under the 5.00% threshold for another week. Charging 4.99% to borrowers in England and Wales, the deal, offered by Marsden BS, comes with no additional product fees, though doesn’t include any incentives. Nevertheless, it features as a Moneyfacts Best Buy.
Available across the same lending area of England and Wales, a five-year fixed deal from Leek Building Society also earns a spot on our Best Buy chart this week, charging 5.08% from a £1,495 completion fee. It too can cater for a maximum 95% LTV, and, for those after an added bonus, a free valuation is also included.
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Your home may be repossessed if you do not keep up repayments on your mortgage.
A bridging loan can be used to purchase a property at auction, continue a purchase if your sale falls through, or for funding redevelopment projects. A lender could support your plans with between £50,000 and £25 million, depending on your circumstances.
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