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New Home Mortgage Types, Rates and Best Deals Currently Available

Coventry Building Society is cutting selected fixed rates for residential purchase by up to 0.28 percentage points, continuing the trend set by other major lenders in recent days.

The mutual lender has reduced the cost of its deals available through brokers for new customers and existing borrowers looking for a new rate. It is offering a two-year fixed-rate deal at 5.05% (65% LTV) with a £999 fee. The equivalent five-year rate is at 4.58%.

Also new from Coventry is a fee-free first-time buyer product for those with at least 20% deposit at 5.38% with £500 cashback on completion.

Santander’s new rates, available direct and through brokers, start from 4.82% with a £999 fee for a two-year fixed rate remortgage deal. This is for borrowers with at least 40% equity in their property. Equivalent two-year deals for home purchase start from 4.8%.

More lenders are expected to trim down fixed rates in the coming days in response to the positive news on inflation this week, and the growing expectation that an interest rate cut by the Bank of England is on the cards.

Rates vary based on the lender and deposit size, but according to our mortgage partner, Pioneer Mortgage Services, the average cost of a two-year fixed rate mortgage across all borrower types* stands at 5.18%. The average cost of three- and five-year deals is 5.04% and 5% respectively.

The leading two- and three year fixed rate deals today (24.04) are priced at 4.61% and 4.49% respectively. The best five-year deal today is priced at 4.28%. The average two-year tracker rate mortgage is priced at 5.74%, with the best in this category priced at 5.35%.

The typical standard variable rate (SVR) stands at 7.90% according to Better.co.uk. In terms of mortgage availability, as of 1 May, there were 6,565 residential mortgage deals on the market according to data provider, Moneyfacts.

Below, we’ve listed the cheapest fixed mortgage rates available to first-time buyers and home movers in North Yorkshire.

 

*The data provided does not consider your particular circumstances and is for informational purposes only. Should you require any personal advice, please contact our sales team.

While we aim to highlight some of the best products available, this doesn’t include all available products from across the market. Although the information provided is believed to be accurate at the time of publication, always check with the product provider to ensure that figures are the most up to date.

When buying brand new with Mulgrave, you can access expert advice from our recommended mortgage advisers, who can help you to understand the process, compare different options, and guide you through the application.

You will also be able to access exclusive deals + rates available from various lenders, and receive a dedicated service that supports you throughout the whole buying journey, from finding your new home to moving in and beyond.

 

Best Fixed-Rate Mortgages:

Data from Pioneer Mortgage Services shows that the best 2-year fixed rate mortgage with a 5% deposit stands at 5.64% and the leading 5-year deal with a 25% deposit at 4.28%.

2-Year Fixed 5-Year Fixed
5% Deposit 5.64% 5.02%
10% Deposit 5.03% 4.78%
15% Deposit 4.94% 4.40%
20% Deposit 4.89% 4.41%
25% Deposit 4.61% 4.28%

 

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 additional benefits 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. Please note that average mortgage costs can vary between sources depending on how the data is gathered.

Mortgage Payment Calculator

£
£
years

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.

Loan amount
£115000
Loan to value
79%
Interest rate
5.64%
Lender
Nationwide
Total monthly payment
£663.09

Please note this is for illustration purposes only and the approximate figures provided are to be used as a guide and not a confirmed mortgage rate. Data is correct at the time of writing.