Mortgage Rates for Remortgaging, Buy to Let and First-Time Buyers

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Whether you're a first-time buyer, need to reduce your monthly bills with a remortgage, or investing in a buy-to-let property, we can help you. The MortgageRates.org.uk free impartial and no obligation broker service enables you to find the right product for your circumstances. Simply complete our free quote form and save money today.

Top Five Lowest Mortgage Rate Deals

Lender	Loan Type	Rate	Then	Fees
NatWest	2 Yr Fixed	4.49%	8.24%	£1,495
Yorkshire	2 Yr Fixed	4.54%	6.99%	£1,495
MPowered	3 Yr Fixed	4.45%	7.49%	£999
Nationwide	5 Yr Fixed	4.32%	7.99%	£995
first direct	10 Yr Fixed	4.78%	6.99%	£999

Rates may vary depending on your Loan to Value (LTV), income, property valuation and age. Quotes are for a £200,000 mortgage for a £375,000 property and correct at 2nd August 2024 inclusive of any fees. Prices may vary depending on your circumstances. Our independent financial advisors compare all products for you, so you don't have to.

Guide to Mortgaging

There are two types of home loans available for remortgaging or new home buying. The first is a simple repayment plan where you pay a portion of the loan off each month with interest. At the end of the lending period you have no outstanding balance.

An interest-only loan is where you only pay the interest incurred each month. You never repay the original loan which remains outstanding in full. These types of products are slowly being withdrawn from the market.

You can always see how much these are going to cost you by using one of the many calculators online.

Types of Mortgages

There are many deals for new borrowers or to remortgage an existing debt that typically fall into the following categories:

Variable

The interest rate rises and falls in line with the Bank of England base rate.

Fixed

You receive a discounted fixed introductory rate for a certain period of between two and five years subject to status. At the end of this period, you'll pay the lender's variable rate.

Offset

These loans can be on fixed or variable interest rates, with the loan offset against your other current or savings accounts. These types of mortgages can knock several years off the loan length, but check the terms are competitive.

Current Interest Rate Terms

Here are the current rates on offer in the marketplace today for standard variable products (SVR):

Data correct as of 2nd August 2024. BOE last rate changed on 1st August 2024.

Bank of England Base Rate History

The BOE base rate affects most mortgage rates. The history below covers the years 1985 to 2023. Click on the graphic for a larger image.

Today you may need a higher deposit than in recent years, with most of the best buys in the market lower than the SVRs quoted above.

Lenders in our Database

Other Costs to Consider When Buying a Property

Although a mortgage is likely to be the largest expense during property ownership, there are other costs involved when completing on the acquisition. These may include:

Conveyancing and legal fees from a solicitor. A whole array of costs can mount up including funds transfers, Land Registry, local searches and your legal company's time.
Valuation and survey costs to ascertain the risk to your lender and yourself. Older properties may require a full structural survey to understand issues such as subsidence or damp.

Stamp Duty Land Tax (SDLT) can add tens of thousands to your transaction. See how much you may pay by using this stamp duty calculator.

Removal and moving costs usually carried out by a removal company to move furniture to a new dwelling.

Other Information

Sources of Standard Variable Rate data:

The Financial Conduct Authority regulates the mortgage market lenders and specialist brokers in the UK. They also provide excellent advice and guidance on financial arrangements.

To find out how much you have to pay each month, check out our new mortgage repayment calculator now! You'll see your total loan repayments each month and how much interest you pay over the lifetime of the mortgage.