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This week’s best residential mortgage products

This week’s best residential mortgage products
Matt Browning
Written By:
Matt Browning

Nationwide Building Society has soared up in the rankings of the best residential mortgage products for home movers this week.

But NatWest offers the leading choice for borrowers needing to remortgage their property, boasting a 4.59% rate.

During the week when the Bank of England’s Monetary Policy Committee kept the base rate at 5.25%, providers have continued to slash rates on a range of mortgages.

Here’s a round-up of the best prices for borrowers to consider, using data from Moneyfacts.

The best remortgage rates

NatWest commands the top spot in the two-year fixed rate markets, with a 4.82% offer for homeowners at a maximum of 60% loan to value (LTV). Product fees are included to the tune of £1,495 but free legal fees and complimentary valuation are also part of the deal. Nationwide Building Society offers the same rate and finance amount as NatWest but gives borrowers a choice between free legal fees or £500 cashback.

The other best options:

  1. Yorkshire BS: The lowest rate across the remortgage market, its 4.59% rate is fixed for five years and covers up to 75% LTV. A £1,495 product fee charge is also required.
  2. First Direct:  The next best five-year rate is at 4.64% and can finance up to 60% of your property. Incentives come in the form of free legal fees and complimentary valuation.
  3. Yorkshire BS: This 4.79% deal has no product fees or legal costs to pay and will cater for a maximum of 75% LTV of your home.

The best mortgage rates for home movers

Nationwide also offers a leading deal on two-year fixed deals for home movers with a 4.65% rate that finances 60% of your property. A product charge of £999 is needed to secure the product but to offset that fee there is a £250 cashback incentive for if your home has an Energy Performance Certificate (EPC) score between 86 and 91. If the EPC score is higher than 92, that cashback doubles to £500. A free valuation is also part of this package.

The next best:

  1. Santander: Lowest rate for three-year fixes, priced at 4.74% up to 60% LTV with a £999 fee, but a free valuation is part of the deal. This valuation has a limit of £1,190 on properties with a maximum value of £2.5 million.
  2. Santander: If you wish to finance more of your property, this Moneyfacts ‘best buy’ rate of 4.91% is ideal to cover up to 75% of your home. The same incentives as the three-year fix are also part of this offer.
  3. Nationwide: The best rate for a five-year fix at 4.29% will finance a maximum of 60% LTV. A charge of £999 needs to be paid for in product fees but the same incentives as the two-year fix are included.

The best first-time buyer mortgages

It’s almost a clean sweep of the best residential rates for Nationwide, as its 4.79% rate is the cheapest on the market for five-year fixes. There is a £999 product fee to pay for – perks come in the form of a £500 green incentive and a free valuation.

The best alternatives:

  1. Yorkshire BS: A two-year fixed rate of 5.29% with a free valuation of your new property included. But there is also a £1,495 product charge on top of that.
  2. Yorkshire BS: For a longer-term rate, the mutual also has a 5.24% deal if you have a 5% deposit to get on the property ladder. There is a £995 charge to cover product fees.
  3. Nationwide: The best three-year fix on the market is 5.31% and this deal covers up to 90% LTV and requires £999 to pay for product fees.