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Compare mortgages

An expert mortgage comparison could save you an average of £301 a month* Let our broker partner Mojo find the best mortgage rates for you.

Compare mortgage rates from over 90 lenders across the whole of the market

Mojo Mortgages is our award-winning broker partner. They can search across the market to find the best deals for you

Barclays 2
nationwide 2
Royal bank of Scotland 2
NatWest 2
Santander 2
A logo for the mortgage lender Virgin Money
Accord Mortgages 2
Halifax 2

How to compare mortgages with Uswitch and Mojo

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The FCA does not regulate mortgages on commercial or investment buy-to-let properties.

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How much could you borrow?

Want to know how much a mortgage lender may be willing to lend you? To find out what you could borrow, you'll need to know your:

  • Earnings before tax

  • Deposit amount

  • Earnings before tax for any joint applicants

Mortgage affordability calculators can be helpful at the start of your home buying journey - they allow you to focus your search on properties within your budget.

What kind of mortgage do I need?

First-time buyer mortgages

A first-time buyer is someone who has never owned a property anywhere in the world. If you have owned a property, even if you didn't use a mortgage or inherited it, you normally won't be classed as a first-time buyer by mortgage lenders.

For joint mortgage applications, all applicants must meet this definition for the purchase to be considered a first-time buyer application.

Although certain first-time buyer mortgage deals exist, the majority of mortgages are available to all buyers. Stamp duty relief and certain home ownership schemes are only available to first-time buyers that meet the above criteria.


A remortgage is when you switch mortgage provider, usually to take advantage of a more competitive interest rate. This type of finance is used to repay the mortgage on a property that you already own, rather than to buy a new one.

Most people remortgage when they are approaching the end of their current deal – you can compare mortgage deals and usually lock in a new rate around six months before your existing deal term ends. If you're on your lender's standard variable rate (SVR), you can remortgage at any time without early repayment fees.

Moving house mortgage

When you move house, you can often take your existing mortgage with you – this is known as porting your mortgage. It can be an easier option, but won't always be the cheapest, so make sure to look at the best mortgage rates that other lenders have available too.

Most, but not all mortgages are portable, so you may have no choice but to take out a mortgage with another lender if you're keen to move. Look out for early repayment charges (ERCs) and exit fees if you're still in a fixed-rate or introductory rate period.

Buy-to-let mortgage

A buy-to-let mortgage is to buy rental properties for investment purposes, so is typically only used by landlords.

With buy-to-let mortgages, lenders base your borrowing on the potential rental income (or rental yield) of the property, rather than your personal income. Usually they will expect this to cover 125-145% of the monthly mortgage repayments.

You'll also need a higher deposit compared to a residential mortgage. Most lenders ask for at least 25% of the property value, although it can vary between 20-40%.

Best mortgage rates

The table below shows some of our best fixed-rate mortgage deals, based on the initial rate available and different loan-to-value (LTV) ratios (LTV is the amount you borrow compared to the value of the property). This initial rate is what you pay during the introductory deal period (for a two-year fixed-rate mortgage, the introductory period is two years).

We have also included the Annual Percentage Rate of Change (APRC) in brackets after the initial rate for each deal. The APRC takes fees and the lender's standard variable rate (SVR) - which you're moved onto after the introductory period - into account, so it can be useful when comparing the overall cost of different deals. But bear in mind that many people choose to remortgage onto another deal at the end of their introductory deal, rather than moving onto the SVR.

LTV2-year fixed5-year fixed
90Virgin Money - 5.85% (9% APRC)Accord - 5.38% (7.12% APRC)
80Coventry BS - 5.75% (7.4% APRC)Coventry BS - 5.15% (6.7% APRC)
70Virgin Money - 5.48% (8.9% APRC)Yorkshire Building Society - 4.99% (6.84% APRC)
60Virgin Money - 5.45% (8.9% APRC)Virgin Money - 4.97% (7.6% APRC)

Rates are provided by Mojo Mortgages and updated every 12 hours. THESE DEALS MAY NOT BE AVAILABLE AT THE POINT AT WHICH YOU ARE READY TO SUBMIT AN APPLICATION. Remember that you may not be eligible for all mortgage deals depending on your circumstances.

Date Updated 21 September 2023

How do mortgage interest rates work?

When you borrow a mortgage loan, you pay it back with interest (extra money on top of the amount you borrowed), as this is how the lender makes money.

The interest rates available to you will depend on your financial circumstances, market competition and the Bank of England base rate.

How the base rate impacts your mortgage repayments depends on the type of mortgage you have (whether it's fixed or variable).

How to get the best mortgage rates

If you're looking for the cheapest mortgage rate available to you, you'll likely find them to be much higher now than they were a few years ago - this is due to economic factors and multiple increases in the Bank of England's base rate of interest.

However, there are still ways to increase your chances of securing a competitive rate:

  • Save as large a deposit as you can afford. Generally the lowest interest rate is achieved with the greatest deposit, as lower loan-to-value (LTV) mortgages are seen as less risky by lenders

  • Speak to a mortgage broker who can compare all of the best mortgage deals from across the market to see which are available to you

Average UK mortgage interest rates today

This table shows the current average mortgage rates in the UK. The market is extremely volatile at the moment, with rates changing frequently and deals disappearing with little notice. So it's more important than ever to seek advice from an expert mortgage broker, whether you're looking for a new mortgage or remortgage.

"There’s been a lot in the news over the past few months around mortgage rates changing and deals being pulled. However, there are plenty of deals available. So, if you need a mortgage, whether you’re a first-time buyer, home mover or need to remortgage, get in touch with an expert to discuss the options available to you."Aidan Darrall, Mortgage Expert at Mojo Mortgages

LTVDeal type and lengthCurrent average rate
75% LTV2 year fixed-rate6.56%
75% LTV 5 year fixed-rate6.19%
75% LTV2 year variable rate5.94%
N/AStandard variable rate (SVR)8.69%

*Average rates from Mojo Mortgages - the above are the average mortgage rates today for various products across the market. These won't necessarily be available to you, and are not the only product types available.

Date Updated 21 September 2023

Will interest rates continue to rise?

In this turbulent market, it's difficult to forecast too far ahead. With inflation falling to just below 7% in August, some lenders have reduced rates on their mortgage products. But these reductions may be temporary so we might see further rises. This is largely because the Bank of England base rate is a key lever in addressing inflation, which is not yet close to the 2% target.

It's therefore possible that we'll see further base rate increases this year, and we may see a knock-on effect in the mortgage rates available. The Bank of England's Monetary Policy Committee will make their next decision on the base rate on 21 September 2023. Staying on top of current mortgage news is a good way to keep an eye on the market.

What should I do if rates increase?

In reality, if you've had a mortgage for more than two years, your rates will likely increase when you remortgage in the current climate. This is, understandably, very stressful, but there are a couple of actions that may help you ahead of time, if you expect your current mortgage interest rate to rise:

  • Lock in a new rate early – you can lock in a new rate six months before your existing deal ends. This allows you to lock in a decent rate quickly in a rapidly changing market without paying ERCs (early repayment charges). If rates do happen to fall before your deal ends, you can always switch again until the new deal starts

  • Fixing your mortgage – If you're on a variable rate, fixing will keep your rate the same for a set period of time. This can be more expensive to begin with, but gives you certainty that you won't have to pay more for a set period

When will mortgage rates go down?

It's very difficult to predict how long rate volatility will remain the norm in the mortgage industry. We have seen some rate declines recently due to falling inflation, but these might be temporary. The fact that five-year fixed-rate deals are more affordable than two-year fixed-rate deals suggests that the market is still expecting costs to stabilise within the next five years - but this is not a given.

What should I do if rates decrease?

Rates may have declined slightly recently, but it's important to manage expectations. The 1-2% rates many recognise were an anomaly in the mortgage industry - so it's unlikely they'll return to this level any time soon.

Worrying that interest rates will fall after you've secured a mortgage is absolutely valid, however, especially in a climate where half a percentage point could make all the difference to your affordability.

If you're concerned about missing out on lower rates you could:

  • Opt for a shorter-term fixed-rate mortgage – so you're 'locked in' for less time and it's easier to switch mortgages when rates fall. You can also opt to pay ERCs to leave a deal early, but this may outweigh the value of switching

  • Consider a variable-rate mortgage - such as a tracker deal, that will benefit immediately from a fall in the base rate – but keep in mind that if rates rise, you'll end up with higher monthly repayments

What are the different types of mortgage rate?

All mortgages have either a fixed or variable interest rate.

Fixed-rate mortgages

With fixed-rate mortgages your interest rate won't change for a set period of time. There are various deal lengths available and you fix the rate for that amount of time, usually two, five or 10 years.

Knowing that your rate won’t increase within a specific time frame makes budgeting for your monthly repayments much easier. However, you won't benefit if interest rates decrease whilst you're on a fixed-rate deal.

Variable-rate mortgages

There are three different types of variable-rate mortgages:

  • Standard variable rate (SVR)

  • Discount

  • Tracker

All variable interest rates are subject to change at any time. The introductory period of variable rate deals can be cheaper than a fixed-rate deal initially, but become more expensive if rates rise (or cheaper if rates fall).

Standard variable rate (SVR)

This is the mortgage lender’s default rate and is usually higher than any of their other deals. You will automatically end up on this rate at the end of any other type of deal, so it’s often best to switch to a new deal as soon as your existing one ends.

However, being on an SVR does offer more flexibility than other mortgage deals, given that you're not tied into the rate. Sometimes it can make sense to remain on an SVR for a short period of time if you're planning to move home soon.

Discount mortgages

With discount mortgages, you get a discount on the lender’s SVR for a specified period of time. Your rate will go up or down along with the SVR, but there's no guarantee that this will happen or by how much.

Tracker mortgages

With tracker mortgages, during the initial deal period, your mortgage rate is a certain level above an external financial indicator, usually the Bank of England base rate. Your rate will follows its movements, matching how much it rises and falls by.

Mortgage repayment types

Repayment mortgages

If you take out a mortgage on a repayment basis, you'll repay some of the capital (loan amount) you borrowed and some interest each month.

This means by the end of the mortgage term, you will have repaid the mortgage in full and will own your home outright.

The vast majority of residential mortgages are taken out on a repayment basis.

Interest-only mortgages

With interest-only mortgages, you only pay the interest on the mortgage each month – you don’t pay anything to clear the capital until the end of your mortgage term. At this point you need to repay the full loan that you originally borrowed.

For this reason, interest-only mortgages are usually only used to purchase buy-to-let properties. Landlords are usually happier than homeowners to sell off their property at the end of the mortgage term to repay the loan. Interest-only mortgages are available for residential properties in some very rare cases.

A male and female mixed-race couple stand in the entrance hall of their new home with beaming smiles on their faces. There is sun shining into the white hallway which is lined with cardboard boxes.

Help for first-time buyers

If you're buying a home for the first time, it can be really tricky to save up the money required. However, there are some schemes designed to help you get on the property ladder.

Mortgage guarantee scheme

The mortgage guarantee scheme was launched in 2021 to encourage more lenders to offer 5% deposit mortgages. It ends in December 2023, but many lenders are likely to continue offering 95% mortgages.

Stamp Duty relief

As a first-time buyer in England and Northern Ireland, you get stamp duty tax relief on properties up to £425,000. On properties up to £625,000 you only pay tax on the element above £425,000.

Our stamp duty calculator helps you work out how much you need to pay.

Lifetime ISA

If you're struggling to save a deposit for your first home and are between the ages of 18-40, it might be worth opening a Lifetime ISA. The government will provide a 25% tax-free bonus on your savings, helping you save a deposit more quickly.

First Homes scheme

The First Homes Scheme provides designated properties for first-time buyers and key workers in England at 30-50% below market value. These properties are in limited locations, but availability is expected to increase in the coming years.

Shared Ownership

If you're struggling to save up a deposit for a mortgage on a home that meets your needs, shared ownership may be an option for you. You buy a 10-75% share of a home and pay rent to a housing association who own the rest.

Right to Buy

The Right to Buy Scheme allows certain council tenants to buy their rented home at a discount. Different rules apply across the UK so check your government's website for details. The Right to Acquire Scheme is a similar scheme for housing association tenants.

Kellie Steedquotation mark
With so much change in the mortgage market over the past year or so, it's more important than ever to get expert advice. Consult a broker who can compare mortgages from across the market to find the best deal for you.
Kellie Steed, Mortgage Content Writer

Mortgage FAQs

*Average savings based on Mojo Mortgages remortgage sales data compared to the average SVR in April 2023. Actual savings will depend on individual circumstances.

Uswitch is not a mortgage intermediary and makes introductions to Mojo Mortgages to provide mortgage solutions.

Uswitch and Mojo Mortgages are part of the same group of companies. Uswitch Limited is authorised and regulated by the Financial Conduct Authority (FCA) under firm reference number 312850. You can check this on the Financial Services Register by visiting the FCA website.

Uswitch Limited is registered in England and Wales (Company No 03612689) The Cooperage, 5 Copper Row, London SE1 2LH.

Mojo Mortgages is a trading style of Life's Great Limited which is registered in England and Wales (06246376). Mojo are authorised and regulated by the Financial Conduct Authority and are on the Financial Services Register (478215)

Mojo’s registered office is The Cooperage, 5 Copper Row, London, SE1 2LH, and head office is WeWork No. 1 Spinningfields, Quay Street, Manchester, M3 3JE. To contact Mojo by phone, please call 0333 123 0012.

Page last updated: 24 August 2023