The reductions are being driven by increased competition between lenders, with many continuing to lower rates as funding costs ease. For buyers, this means a wider choice of mortgage products and more opportunities to secure a competitive fixed rate.
The recent downward trend of mortgage rates is encouraging for anyone looking to buy a home. A lower fixed rate could mean lower monthly repayments, while also giving buyers the certainty of knowing exactly what they’ll pay each month throughout the fixed term.
Whether you’re a homeowner, first-time buyer or an investor, this is particularly positive news. More lenders are offering competitive products for those with smaller deposits, helping more people take steps forward on their property journey.
Mortgage Rate of the Week
Our current featured mortgage is a First Time Buyer 90% Loan to Value (LTV) two-year fixed rate, which includes a free valuation and £500 cashback.
Initial rate: 4.68% APRC: 6.40% Subsequent rate: 6.49% Maximum LTV: 90% APRC based on a 25-year term
We are seeing fixed mortgage rates continue to improve, but products and pricing can change quickly as lenders respond to market conditions. Buyers who are considering a move may benefit from speaking to a mortgage adviser sooner rather than later, as many lenders allow borrowers to secure a rate ahead of completion and, where available, switch to a lower product if rates reduce further before their mortgage starts.
If you’re thinking about buying your first home or your next property, your local office can introduce you to trusted independent mortgage advisors who can help you find a mortgage that’s right for you, guiding you through the application process.
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