The Co-operative Bank sweeps up most of the leading rates for borrowers to consider this week.
With more mortgage products on the market than at any point in the last 15 years, prospective and current homeowners have a huge batch of choices to consider.
To help you make the best decision, YourMoney.com has cast its eye over this week’s best residential mortgage products.
Here are the top offers to consider, according to data from Moneyfacts.
The best remortgage rates
Topping the charts in the remortgage sector this week is The Co-operative Bank, with two-year fixes priced at 4.34% up to 80% loan to value (LTV) with additional £999 fees. The deal comes with a complimentary valuation and legal costs plus a cashback incentive worth £250. Moneyfacts considers the direct version of this deal (as opposed to the intermediary option) as a best buy for borrowers.
Next best options:
- The Co-operative Bank / Co-op Bank for Intermediaries: A leading rate for three-year fixes that pays 4.33% and comes with the same incentive and financing terms as the two-year deal.
- The Co-operative Bank / Co-op Bank for Intermediaries: The provider shares the leading rate of 3.89% on a deal that finances a maximum of 60% LTV. It comes with a £999 charge plus a free valuation, legal fees and £250 cashback. If you go direct with the lender, you can expect another Moneyfacts’ ‘best buy’.
- Santander: This deal has a 3.89% rate and comes with a free valuation of up to £1,190 on homes with a top value of £1.5m and is available through intermediaries or directly.
The best mortgage rates for homemovers
Borrowers on the move can enjoy a 4.17% rate on a two-year fix with Barclays Mortgage. The offer finances a maximum of 60% of your property, while a free valuation is available for homes worth £2m or under. A product fee of £899 is also required to secure the deal.
Top alternatives:
- Barclays: The 4.20% rate is a ‘best buy’ from Moneyfacts and finances up to 75% of your property. It also includes the same valuation and product fees as the 60% LTV deal.
- The Co-operative Bank / Co-op Bank for Intermediaries: A rate of 4.33% rate up to 80% LTV plus £999 fees makes this the top three-year fix option. Whether direct or with an intermediary, a free valuation and £250 cashback incentive are included.
- The Co-operative Bank / Co-op Bank for Intermediaries: For a 60% LTV, borrowers should look no further than this 3.89% rate for a five-year fix, which is a Moneyfacts’ ‘best buy’.
The best first-time buyer mortgages
The Co-operative Bank and its Intermediaries arm have the monopoly on the best rates for first-time buyers this week.
For a two-year fix with the lender, borrowers are offered a 4.80% rate on a 90% LTV and 4.99% rate to finance 95% of their property. Both options come with a £250 cashback incentive and include a £999 for buyers to pay.
If you are jumping onto the property ladder and want a longer-term deal, a five-year fix is on offer for 4.02% and 4.48% on a 90% and 95% LTV respectively. Both financing terms come with identical incentives and fees as it’s two-year alternative.
