A mortgage is a type of loan given to purchase a property, and mortgage rates are the rate of interest charged on a mortgage. In this article, you will find information about mortgage rates and comparisons to find the best mortgage rate option for you.
- 1 Mortgages
- 2 Cheap mortgage rates in the UK: Compare quotes and the market
- 2.1 What are the best mortgage providers in the UK?
- 2.2 What are the cheapest remortgage rates fixed?
- 2.3 What are the best mortgage rates calculator?
- 2.4 Natwest mortgage calculator: How much can I borrow?
- 2.5 MoneySuperMarket mortgage calculator
- 2.6 Tesco Bank mortgage calculator
- 2.7 Halifax mortgage calculator
- 2.8 Nationwide mortgage calculator
- 2.9 Santander mortgage calculator
- 2.10 Barclays mortgage calculator
- 3 Selected mortgage providers in the UK and their rates
- 4 References
Mortgage rates are the rate of interest charged on a mortgage. The size of the loan is meant to protect the lender giving them the right to repossess the property if you cannot keep up with the loan rates. There are different types of mortgage rates, including fixed rate mortgage and variable rate mortgage.
UK mortgage rates comparison calculator
There are several UK mortgage rates comparison calculators online, and they can help you with discovering the cost per month, and the total cost of the lifetime of the mortgage, including interest and fees. Check out the following sites to access their mortgage rates comparison calculators:
Best mortgage rates 5 year fixed
Five year fixed mortgages offer an interest rate that will remain the same for a five year period. The advantage of a five year fixed mortgage is that your rate will remain the same every month even if your lenders other interest rates increase. However, the fixed interest rate may be a higher interest rate.
For more information on the best mortgage rates for 5 year fixed rates, read more here at Money.co.uk.
Best mortgages deals
The best mortgage deals will depend on a variety of factors for what is best for your own mortgage – whether you’re remortgaging or you’re a first time buyer.
For comparing the best mortgage deals, check out MoneySuperMarket comparison tool.
Interest only mortgage
Interest only mortgage involves paying off only the interest on a month by month basis. At the end of the mortgage term, you would still owe what is due at the outset of the mortgage.
With interest only mortgage, it is often provided for buyers at the higher end of the affordability scale, with a high minimum income and a substantial deposit.
First time buyer of mortgage: How much can I borrow?
If you are a first time mortgage borrower, there are extra steps to take besides just looking for the best deal in a mortgage. It’s important to consider everything from your financial situation, credit score and even first time fees that you have to pay.
For more information, read MoneySuperMarket’s Guide for First Time Buyers here.
What are the best remortgage rates?
The best remortgage rates depends on many factors, including current situation, previous borrowing, and why you want to even remortgage! For example, some people may want to remortgage for lowering their interest rate for monthly payments, or are looking to shorten the mortgage term.
Remortgaging is rarely cost free, and it’s important to review your current mortgage lender to understand if there are any solicitor fees, or cancellation policy. For more information, read up on comparisons on ComparetheMarket.com.
Remortgage comparison calculator
There are several remortgage calculators located online, and available for using to find your remortgage rates. NatWest has a remortgage section with their mortgage calculator to figure out your remortgaging finances. The remortgage calculator is located here.
Cheap mortgage rates in the UK: Compare quotes and the market
The easiest way to get cheap mortgage rates is to use one of the many online comparing services. We have listed some of the major players below:
What are the best mortgage providers in the UK?
The best mortgage providers in the UK depends on several factors, including what type of mortgage you’re looking for and your current situation.
At Money.co.uk, you can select what type of mortgage that you’re looking for, and the site will list several different mortgage providers in ranked order.
What are the cheapest remortgage rates fixed?
Although the cheapest remortgage rates will depend on your own personal factors, the site Money.co.uk has a list of mortgage rates fixed ordered by cheapest. It’s important to view the rankings as a suggestion for where to start, and to research further depending upon your own environment, and financial status.
What are the best mortgage rates calculator?
For almost every mortgage provider, they will offer their own mortgage calculator for understanding the best mortgage option for you. However – this is usually only from their own provider’s selection. It’s great to use if you already know you desired provider or want to stick with the same provider.
For using a mortgage rate calculator that searches multiple providers, we recommend using the following to start:
Natwest mortgage calculator: How much can I borrow?
There are several mortgage calculators located online, including the provider Natwest. The Natwest mortgage and rate finder calculator will search through their own selection of mortgages and help you find the right deal for you.
For using the Natwest mortgage calculator, go here.
MoneySuperMarket mortgage calculator
The MoneySuperMarket mortgage calculator will search through multiple providers to find potential options for either how much it will cost, or how much you can borrow.
For more information, try out the MoneySuperMarket Affordability and Repayment Calculator here.
Tesco Bank mortgage calculator
The Tesco Bank mortgage calculator gives an idea of how much you could borrow, what your monthly payments could be and their mortgage interest rates. The calculator will only search through the Tesco Bank mortgage options that they provide.
For more information, try out the Tesco Bank mortgage calculator here.
Halifax mortgage calculator
The Halifax mortgage calculator is another online calculator designed by the provider to help narrow down within their own options. By filing out the type of mortgage, the mortgage calculator will search Halifax current mortgage deals to find the best option for borrowing and monthly payments.
For more information to try out the Halifax mortgage calculator, go here.
Although there is no specific remortgage calculator, Halifax provides a Mortgage Overpayment Calculator to help determine how overpaying on a mortgage could save you money by reducing the amount of interest charged.
Nationwide mortgage calculator
At Nationwide, there are several different mortgage calculators to help you with your mortgage decisions. At this time, there is no specific remortgage calculator. Nationwide does provide calculators for the following:
- Mortgage Affordability Calculator – How much Nationwide can lend you
- Mortgage Quick Quote Calculator – Get an idea of what you can borrow
- Mortgage Payments Calculator – Find out how much your repayments could be
- Overpayment Calculator – Want to make an overpayment?
- Rate Change Calculator – See how much a rate change can impact it
- Early Repayment Calculator – Mortgage ending or switching your deal?
Santander mortgage calculator
Santander has several different types of mortgage calculators, depending on if you’re an new customer or switching your mortgage to Santander. These are a few of the existing mortgage calculators that they provide for their own mortgages:
- How much can I borrow?
- Compare our mortgages
- Change to my existing mortgage
- How much extra can I borrow?
Barclays mortgage calculator
Barclays has a standard mortgage calculator for understanding both the mortgage cost and what you can borrow with them. The calculator is designed to only search through Barclays mortgage options.
The Barclays mortgage calculator is available here and is useful for both new customers and customers interested in remortgaging.
Selected mortgage providers in the UK and their rates
Here is a list of some selected mortgage rate providers:
Mortgage rates at Santander
Santander is a UK bank that offers bank accounts, savings, mortgages, loans, credit cards and much more.
Read more: Santander
Mortgage rates at Halifax
Halifax is an UK bank, named after the town of Halifax, West Yorkshire where it was founded as a building society in 1853. Halifax provides bank and saving accounts, mortgages, loans, credit cards and more.
Read more: Halifax
Mortgage rates at NatWest
NatWest, also known as the National Westminster Bank, provides bank and insurance services to personal, business, and commercial customers. NatWest offers mortgage rates for a variety of different services.
Read more: NatWest
Mortgage rates at Nationwide
Nationwide is a British mutual financial institution and the largest building society in the world. It offers a wide variety of mortgage rates, among other options.
Read more: Nationwide
Mortgage rates at Barclays
Barclays is a bank account that provides a variety of services in the UK, including online personal and business banking, investments, mortgages, loans and insurance coverage.
Read more: Barclays
Mortgage rates at HSBC
HSBC Bank is one the largest banking and financial services organisation in the world. HSBC offers a range of bank accounts, loans, mortgages, savings, credit cards and much more.
Read more: HSBC
Mortgage rates at Tesco
Tesco Bank aims at providing simple and straightforward banking, mortgages, and insurance products that provide good value and reward loyalty.
Read more: Tesco Bank