Latest New Home Mortgage Rates
Lenders across the market have reduced mortgage rates following the freeze to the Bank of England Bank Rate on 2nd November at 5.25%. Inflation also fell sharply to 4.6% and a number of deals under five percent are now on offer.
HSBC has recently launched a range of lower fixed-rate deals, succeeding cuts of up to 0.72% across its mortgage offers.
Among the highlights, the bank is providing a five-year fixed rate for home purchase at 4.89% with a 10% deposit (90% loan to value) and £999 fee. The fee-free equivalent deal is now priced at 4.99%.
NatWest is offering a two-year fixed remortgage from 4.87 percent with a £1,495 fee (or £995 if you qualify for a Green Deal), and, a 5.64 percent five-year fixed with no fee for purchase at 95 percent Loan to Value (LTV).
Meanwhile, Barclays has lowered some remortgage products by as much as 0.57 percent, as well as implemented a range of reductions across its 85 percent – 95 percent LTV purchase-only products.
Santander has cut selected fixed rates for new + existing customers by up to 0.25 percentage points. It is offering a two year fixed rate for home purchase at 4.99% (down from 5.14%) for borrowers with at least a 40% deposit towards their property. There is a £999 fee.
The bank also cut rates across its three-year fixed rate deals, which are growing in popularity. At the same time, Santander has announced that all new fixed and tracker rate mortgage deals taken out from 21 November will revert to its Standard Variable Rate of 7.5% at the end of their deal.
In the week commencing 20th November, our recommended mortgage advice partner, Pioneer Mortgage Services, saved buyers a total of £37,484 over their fixed rate term. With one customer alone reducing their monthly repayment rate by £112, which, over a five year fixed term, is a massive total of £6,720!
Best Fixed-Rate Mortgages:
Research by Pioneer Mortgage Services shows that the average 2 year fixed rate is now 5.56%, down from 5.77% back in 2022. The best 2-year fixed rate mortgage with a 5% deposit stands at 5.81% and the leading 5-year deal at 5.32%.
The average 5-year fixed mortgage rate is now 5.14%, down from 5.52% a year ago, which is a notable drop and includes all aspects of the market, including low deposits.
An average tracker mortgage with a 15% deposit is priced at 5.83%, with the best 2-year deal of its kind today (04.12.23) priced at 5.61%.
| 2-Year Fixed | 5-Year Fixed | 10-Year Fixed | |
|---|---|---|---|
| 5% Deposit | 5.81% | 5.32% | No Deal |
| 15% Deposit | 5.28% | 4.79% | 4.89% |
| 25% Deposit | 4.76% | 4.56% | 4.79% |
Best Base Rate Tracker Mortgages:
| 2-Year Tracker | 5-Year Tracker | |
|---|---|---|
| 15% Deposit | 5.61% | 6.04% |
| 25% Deposit | 5.39% | 6.01% |
Contact our sales team to ensure that you receive the very best rate of interest for your mortgage, as well as access to major lenders and products not available on the High Street.
There are further benefits that our recommended financial advisors can provide and there’s no fee for administration.
If you want to see what your monthly mortgage payments might look like, our Mortgage Calculator will crunch the numbers. *Average mortgage costs can vary between sources depending on how the data is gathered
Mortgage Payment Calculator
Instructions
Enter the house price, your deposit amount and length of the mortgage into the boxes above to view an illustration of your monthly payments and the current best interest rate.
Please note this is for illustration purposes only and the figures provided are to be used as a guide and not a confirmed mortgage rate.
