In this market update, mortgage experts from Oportfolio mortgages in London will go through the current best residential mortgage rates on the market. Rates change all the time, so these rate may have changed by the time that you are reading this. These products and lenders are also not necessarily the best ones for your own circumstances, they are just the most competitive rates on the market at the moment. You should always seek professional mortgage advice before deciding on a mortgage.
Relatively new lender Mpowered mortgages dominates the chart this week, taking the top two out of three spots for overall remortgage rates followed by Lloyds Bank.
Best UK mortgage rates for remortgage
- Mpowered Mortgages: 2-year fixed rate at 4.84% up to 60% Loan to value – £999 product fee – reverting to 6.49% interest rate after the 2-year fixed period – Product includes free valuation and £500 cashback on completion.
- Mpowered Mortgages: 3-year fixed rate at 4.74% up to 60% Loan to value – £999 product fee – reverting to 6.49% interest rate after the 3-year fixed period – Product includes free valuation.
- Lloyds Bank – 5-year fixed rate at 4.45% up to 60% Loan to value – £999 product fee – reverting to 5.65% interest rate after the 5-year fixed period – Product includes fee valuation and free legal work.
For home purchases, the best available products are entirely from Mpowered Mortgages who take the top three spots.
Best homemover mortgage products
- Mpowered Mortgages: 2-year fixed rate at 4.84% up to 60% Loan to value – £999 product fee – reverting to 6.49% interest rate after the 2-year fixed period – Product includes free valuation.
- Mpowered Mortgages: 3-year fixed rate at 4.74% up to 60% Loan to value – £999 product fee – reverting to 6.49% interest rate after the 3-year fixed period – Product includes free valuation.
- Mpowered Mortgages: 5-year fixed rate at 4.49% up to 75% Loan to value – £999 product fee – reverting to 6.49% interest rate after the 5-year fixed period – Product includes free valuation.
Over the last few months, first-time buyers have really been side-lined and penalised by the rate increases and product withdrawals, however it looks like 2023 will be a good year for everyone property wise including first-time buyers. There are lots of lenders returning to the FTB market and brand new lenders aimed specifically at helping FTB’s purchase. One of these is new lender Generation Home, who are right at the top of the leader board! Followed by good old Halifax.
Best UK Mortgage Rates For First-time Buyers
- Generation Home: 2-year fixed rate at 5.30% up to 90% Loan to value – £999 product fee – reverting to 7% interest rate after the 2-year fixed period – Product requires a valuation fee of £200.
- Halifax: 5-year fixed rate at 4.85% up to 90% Loan to value – £999 product fee – reverting to 6.49% interest rate after the 5-year fixed period – Product requires a £200 valuation fee.
- Halifax: 2-year fixed rate at 5.60% up to 95% Loan to value – £999 product fee – reverting to 6.49% interest rate after the 2-year fixed period – Product requires £200 valuation fee.
- Halifax: 5-year fixed rate at 5% up to 95% Loan to value – £999 product fee – reverting to 6.49% interest rate after the 5-year fixed period – product requires £200 valuation fee.
Speak to Oportfolio Mortgages to get the best deal
The only way that you can ensure that you will get the best mortgage product and rate possible is to speak with a whole of market mortgage lender like Oportfolio. Our dedicated team of advisors and administrators will get you the best deal possible for your circumstances.
