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Compare mortgages

An expert mortgage comparison could save you an average of £250 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

NatWest 2
Barclays 2
nationwide 2
Royal bank of Scotland 2
Halifax 2
Accord Mortgages 2
Santander 2

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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? Simply click the mortgage affordability calculator button below.

Affordability calculators are a helpful guide at the beginning of your home buying journey, as they can help you to focus your search on properties that are likely to be within your budget.

To find out what you could borrow, you'll need to know:

  • Earnings before tax
  • Deposit amount
  • The earnings before tax of any joint applicant

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. Even if you didn't use a mortgage, or inherited a property, you 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, on the other hand, is 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, however.

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%.

Our 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).

LTV2-year fixed (initial rate)5-year fixed (initial rate)
90Halifax - 4.84%Halifax - 4.43%
80Furness BS - 4.43%Halifax - 4.18%
70Halifax - 4.39%Halifax - 4.03%
60Halifax - 4.34%Halifax - 3.98%
Date Updated 5 June 2023

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. It's also important to consider fees as well as the initial rate when looking at mortgage deals as these can sometimes make deals more expensive.

Find out what today's average mortgage interest rates are.

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.

When you apply for a mortgage, the interest rate for that particular deal will be made clear to you. However, bear in mind that if you opt for a variable rate mortgage, it could change at any time.

The rates available to you will depend on your financial circumstances, market competition and the Bank of England base rate. The best mortgage rates are usually available to applicants with larger deposits, because lenders view them as less of a risk than those with smaller deposits.

How to get the best mortgage rates in the UK

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

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

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

  • If you're remortgaging, you can lock in a new rate six months before your deal ends, avoiding any early repayment charges (ERCs). If a better rate becomes available within that same six months before, you can usually switch again

  • 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

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.

What are the different types of mortgage rate?

All mortgages have either fixed-rate or variable-rate interest.

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.

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

In April 2021 the government launched the mortgage guarantee scheme to encourage more lenders to offer 5% deposit mortgages. The scheme ends in December 2023, however, many lenders are likely to continue offering 95% mortgages beyond this date.

Stamp Duty relief

As a first-time buyer, you may benefit from paying less stamp duty than those who have already owned a property. In England and Northern Ireland, you get zero-tax relief on properties up to £425,000 (compared to £250,000), as long as it costs less than £625,000.

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 very similar Right to Acquire Scheme applies to 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

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Find out more about mortgages in our guides

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

Page last updated: 30 May 2023