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This week’s best residential mortgage products

This week’s best residential mortgage products
Matt Browning
Written By:
Matt Browning
Posted:
07/12/2023
Updated:
07/12/2023

NatWest has retained the top spot for remortgage customers, but rates across the residential market are packed with leading deals from Virgin Money this week.

As asking prices are set to fall by 1% in 2024, home movers may wish to consider tempting offers from Halifax or Nationwide ahead of the new year.

For first-time buyers, Skipton Building Society has entered the fray, boasting the lowest rate for a five-year fixed deal.

Read on as we take a look at the best offers from mortgage providers, using data from Moneyfacts.

The best remortgage rates

NatWest remains the leading provider for homeowners looking for remortgages deals. A two-year fixed rate is priced at 4.82% up to 60% loan-to-value (LTV) deal and it comes with a free valuation and legal fees, with a charge of £1,495.

The next best:

  1. Virgin Money: Three-year fix is 4.58% up to 70% LTV and free legal fees, and valuation are added in, as is a product fee of £995.
  2. Yorkshire Building Society: A Moneyfacts ‘best buy’ if you need to borrow more, costing 5.09% at 80% LTV. A £1,495 product fee charge is included as are free legal fees and a complimentary valuation.
  3. Skipton Building Society: The lowest five-year fix around with a 4.57% rate for up to 60% LTV. There is a £2,995 product fee, but free valuation and legal fees too.

The best mortgage rates for home movers

Halifax is once again the best two-year fixed rate boasting 4.75% up to 60% of your new property. A £999 fee is included plus an incentive for households with an Energy Efficiency Band in the A or B category (or rating of 81 or higher) to the tune of £250.

The other best alternatives:

  1. Nationwide Building Society: This three-year fix is a Moneyfacts ‘best buy’, priced at 4.79% up to 60% LTV. A £999 product fee is included and if you have an Energy Performance Certificate of 92 or more, you’ll bag £500 cashback. If the certificate score is between 86 and 91, that still means £250 goes into your pocket.
  2. Yorkshire Building Society:  Another ‘best buy’ if you wish to borrow more on a three-year fix, with a direct rate of 4.89% at 75% LTV. There are no legal fees, a free valuation and a product fee of £1,495.
  3. Virgin Money: This is the lowest rate for a five-year fixed rate, priced at 4.36%, financing 65% of your property. There is a £1,295 product fee involved as well as a £500 cashback incentive.

The best first-time buyer mortgages

If you are making the leap onto the property ladder for the first time, the best rate on the market is still Virgin Money’s two-year fixed deal. For a 10% deposit, the lender is offering 5.33% plus a free valuation with a £1,295 product charge.

The next best:

  1. Virgin Money: A five-year fix with a 10% deposit at a rate of 4.80%. The offer also has a product fee of £1,295 and a courtesy valuation.
  2. Yorkshire Building Society: The mutual still offers the lowest rate available directly on a two-year fix of 5.68%, has a free valuation and a charge of £1,495 as a product fee.
  3. Skipton Building Society: For a smaller deposit of 5% on a five-year fix, there is a 5.26% rate available with a £999 product fee here.