Our weekly roundup of the best rates w/c 21.8.23

What’s the mortgage market telling us this week? Our weekly update on the best rates from top lenders

 

We continue to see a promising decrease in initial rates from the top ten lenders for housebuyers in the UK.

We found:

 

The married couple 

A married couple, aged 42 and 44, with 2 children buying a £525k house. £385k mortgage, 15-year term, LTV 73.33%, earnings of £85k and £57k

 

2 year fixed 

The best price remains at £3032.39 with Monmouthshire BS for a two-year fixed fee mortgage.

The average of the top ten lenders reduces slightly from £3205.42 to £3203.05

 

5 year fixed 

The best price is steady at £3088.72, whilst the average drops from £3101.77 to £3099.73.

The London professionals

A married couple, aged 45 and 48 with 3 children. £1m house. £500k mortgage, 15-year term, LTV 50%, both earn £85k each 

 

Mortgage

Best initial rate sticks at a two-year fixed at £4101.56 with HSBC.

The average of the top ten lenders’ initial rates is now at £4166.09 from £4173.71.

Remortgage

The best initial rate is a two-year fixed at £4101.56, the same as last week.

The average of the top 10 lenders’ initial rates is up slightly from £4142.80 to £4143.40.

First Time Buyers 

An unmarried couple, aged 29 and 28, no children, buying a £525k house with a £50k deposit from the BOMAD, 25-year term, LTV 90.48%. One earns £85k, the other earns £57k

 

The best initial rate is the same as last week with a 64-month fixed-fee mortgage with Halifax at £3029.15. 

The average of the initial open rates from the top ten lenders is down 0.53% from £3066.58 to £3050.23.

 

For a two-year fixed mortgage, the best rate is still with Halifax at £3202.09.  The average of the two-year fixed fee offers for first-time buyers is down by 0.15% from £3255.08 to £3249.91.

The best rate for a five-year fixed fee mortgage stays with Halifax at £3029.15. With the average of the top ten lenders decreasing by 0.53% from £3066.59 to £3050.23.

 

Couple in their twenties 

An unmarried couple, aged 28 and 29, on 38k and 32k, who have one child looking to buy a house 170k with a 20k deposit.

 

The best initial rate is the same as last week for a 24-month deal at £873.95 with Monmouthshire BS, as is the average of all ten lenders which sticks at £905.16.

 

James Tucker, CEO of Twentytec says: 

“It looks like rates are dropping ever so slightly for all personae. A promising sign for housebuyers across the board.”