Since the Monetary Policy Committee (MPC) held the base rate at 5.25% last week, providers have been split between raising rates and chopping prices down.
While changes were abundant after the announcement, the leading rates largely remained the same for borrowers moving home and buying for the first time.
But those looking to remortgage their property have a few new enticingly priced products to consider.
Using data from Moneyfacts, here are the best products to consider this week.
The best remortgage rates
For a two-year fix, Cumberland Building Society keeps the top spot with a 4.26% rate up to 60% loan to value (LTV). It comes with a £999 arrangement fee and incentives (for British homes properties only) including free legal fees and complementary valuation for homes valued up to £750,000.
The top alternatives:
- Principality Building Society: Entering the charts for a two-year fix, with a 4.49% rate up to a maximum of 75% LTV. Borrowers outside of England and Wales are exempt from this offer, which also has a £895 arrangement fee to pay, but it also comes with a free valuation.
- MPowered Mortgages: Still the best three-year fix this week, priced at 4.36% up to 60% LTV. A chunky £1,999 arrangement fee is included, but so are some incentives. They include complementary legal fees, free valuation, and cashback worth 0.3% of borrowers’ mortgage advance.
- NatWest and NatWest Intermediary Solutions: Another new entry, due to its 3.89% rate on a five-year fix, financing up to 60% LTV. Borrowers need to stump up £1,495 to cover a booking fee. NatWest has an option with that rate with a complementary valuation and free legal fees. The intermediary affiliate provides a deal with £250 cashback that also has a free valuation.
The best mortgage rate for home movers
Halifax remains the leading two-year fix provider for home movers, with a rate of 4.17% up to 60% LTV. Incentives include a £250 cashback. A £999 arrangement fee is required to be paid, but if you have an energy-efficiency rating of at least 81, the lender will give you £250.
The next best:
- Santander: Maintaining its shared spot as the best rate for a three-year fixed rate due to its rate of 4.2% to finance up to 60% of a new property. A charge of £999 is required on this Moneyfacts’ ‘best buy’, but a free valuation is also part of the package.
- Nationwide Building Society: The mutual shares the same fee and incentives, but also includes £500 cashback for greener properties. The home’s energy-efficiency rating needs to be 92 or more to receive the incentive, which reduces to £250 for a rating between 86 and 92.
- Cumberland Society: Despite making cuts on its previous deals, it is still the leading provider for a five-year fix up to 75% LTV. Incentives on the 3.93% rate are a free valuation for properties priced up to £750,000, while a £999 arrangement fee is also part of the deal.
The best first-time buyer mortgages
Halifax has re-entered the top spot in the first-time buyer market, with a 4.84% rate on a two-year fix. This is for buyers with a 10% deposit, and the deal includes a £999 arrangement fee. However, there is a £250 cashback incentive to claim if your new home has an energy-efficiency rating of 81 or more.
The leading options:
- Virgin Money: The lender nipped its five-year fixed rates up to 4.4% on the deal up to 90% LTV, but remains the market leader. Borrowers need to pay £1,295 in arrangement fees, but £500 cashback is also in the offer.
- Leeds Building Society: After reducing rates, it now boasts the leading two-year fixed price of 5.15% for buyers with a 5% deposit. The deal has a £999 arrangement fee, but also has a free valuation (maximum £999) included.
- Family Building Society: For first-time buyers with a 5% deposit, this 4.79% rate is the best around if you want to secure a price for five years. With this being a family mortgage, savings from relatives can be included to boost their chances of buying a home. This is a family mortgage, which means the family of first-time buyers can help them get on the property ladder by contributing their own savings or property as security.The deal is only for families in England or Wales (excluding Scilly Isles), and comes with a £599 completion fee but incentives aplenty, which include free valuation (maximum value £500,000), plus £250 cashback.
