Our weekly guide on Mortgage Best Buys. We also include commentary on the current market economy whilst keeping you updated with our Guides section on our website talking about Mortgages, Protection, Money, Property and Financial Planning.
Market Commentary
Some marginal changes in the last week, some lenders have withdrawn the 5-year 3.75% fixed rates that were on the shelves for a few days and we are seeing majority of rates above 4% for a 2,3 and 5 year fixed rates.
The graph below provides an overview of SONIA (Sterling Overnight Index Average) this is a reflection of the actual rates banks pay to borrow money from other financial institutions and therefore is a good reflection of how this impacts mortgage rates – you’ll be able to see the SONIA rising from Spring 2022 and start to motor towards 3-5% in Autumn 2022 – this then had a compound effect to the market rate-hike in October. In January and February 2023 the swap-rates have still increased, although the banks built in lots of buffer in the rate hikes end of last year the swap rates are still creeping up and as a result the drop in interest rates we’ve seen since December-time is unlikely to continue, this could also mean we start to see fixed rates marginally creep back up over the coming weeks.
Mortgage Best Buys
First Time Buyers
| Loan to Value | Rate Type | Rate | Lender |
| 95% | 2-year fixed | 5.30% | Skipton BS |
| 90% | 2-year fixed | 4.90% | Virgin Money |
| 95% | 5-year fixed | 4.75% | Skipton BS |
| 90% | 5-year fixed | 4.47% | Skipton BS |
Remortgage
| Loan to Value | Rate Type | Rate | Lender |
| 75% | 2-year fixed | 4.30% | Halifax |
| 60% | 2-year fixed | 4.25% | Halifax |
| 75% | 5-year fixed | 4.11% | Coventry BS |
| 60% | 5-year fixed | 3.99% | HSBC |
| 75% | 2-year tracker | 4.36% | Barclays |
| 60% | 2-year tracker | 4.26% | Barclays |
Large Loans over £1m
| Loan to Value | Rate Type | Rate | Lender |
| 85% | 2-year fixed | 4.66% | Halifax |
| 75% | 2-year fixed | 4.43% | Halifax |
| 85% | 2-year tracker | 4.76% | Barclays |
| 75% | 2-year tracker | 4.36% | Barclays |
ALL MORTGAGE RATES ARE SUBJECT TO CREDIT STATUS, INCOME AND AFFORDABILITY. ARRANGEMENT FEES AND EARLY REPAYMENT CHARGES MAY APPLY TO THESE PRODUCTS, PLEASE CONTACT AN ADVISER FOR A RECOMMENDATION.
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
