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Whether you're remortgaging or buying your first home, we'll find the cheapest rates available to you
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We compare 1000s of mortgage deals for you from over 70 mortgage lenders across the whole of market
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YOUR HOME/PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.
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. Although certain first-time buyer mortgage deals exist, the majority of mortgages are available to all buyers. However, stamp duty relief and certain home ownership schemes are only available to first-time buyers that meet the relevant criteria.
Remortgage
Remortgaging involves switching the mortgage deal on your current property, either by changing mortgage provider or getting another deal with your existing lender. Most people remortgage towards the end of their current deal. You can usually find a new rate around six months before your existing deal term ends.
Moving house mortgage
When you move house you can often take your existing mortgage with you, which is known as porting your mortgage. It can be an easier option, but won't always be the cheapest, so it's worth comparing mortgage available from other lenders too. Most mortgages are portable, but if yours isn't you might have to get a new mortgage with another lender. Look out for early repayment charges (ERCs) and exit fees if you're still in an introductory 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. Lenders base your borrowing on the property's potential rental income (or yield), ususally expecting this to cover 125-145% of the monthly mortgage repayments. You'll also need a higher deposit, with most lenders asking for around 20-40% of the property value.
How much of a mortgage can I afford?
How much you can borrow for a mortgage depends on lots of different factors, including your earnings before tax, outgoings, deposit amount and credit history. This helps lenders calculate your affordability - which is essentially how much they think you'll be able to afford in repayments each month.
If you spend a large amount of your monthly income, particularly to repay lots of other debts, lenders mighty see you as a riskier prospect. Before applying for a mortgage, have a look at your finances and make sure you're budgeting sensibly. It could be worthwhile identifying areas where you could cut back or debts that you could repay before applying.
Mortgage calculators
Want to know how much a mortgage lender may be willing to lend you? Our useful mortgage tools & calculators can help you navigate each step of your mortgage journey.
Mortgage affordability calculator
A simple way to find out how much you might be able to borrow based on your income and deposit amount.
Stamp duty calculator
Tell us a bit about your property to find out how much stamp duty land tax (STLD) you have to pay on completion of your purchase.
Ultimate mortgage calculator
Boost your mortgage knowledge before applying by finding out how much you might be able to borrow, how much your monthly payments could be and how much you might pay back in total.
While these calculators can provide a rough idea of costs and affordability, they don't take into account your personal circumstances. For a more accurate understanding of how much you could personally borrow and what rates you could be offered, speak to a mortgage broker such as our trusted partner Mojo Mortgages. They'll help you compare current mortgage rates and deals in the UK to find the best rate for you and your circumstances.
Best mortgage rates
Discover some of the latest mortgage deals on the market, based on the initial rate available at different loan-to-value (LTV) ratios (LTV is the amount you borrow compared to the value of the property). The initial rate is what you pay during the specified deal period. For example, for a two-year fixed-rate mortgage, the deal period is two years, and for a five-year fixed-rate mortgage, the deal period is five years. We have also included the Annual Percentage Rate of Change (APRC) below 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.
The table may show a mix of fixed rate and variable rate deals, and different deal lengths, depending on the lowest mortgage rate available at that LTV. When comparing mortgage deals, it's important to consider what type of mortgage and deal length is suited to your circumstances. Please note, while we always aim to give you accurate product information at time of writing and update our rates tables every 12 hours, unfortunately price and terms of products and deals can always be changed by the provider afterwards, so it's worth double checking first. It may also worth consulting an expert broker to help you with a mortgage rates comparison to understand the options and latest mortgage rates available to you.
- 2 years
- Fixed rate
- Monthly repayment£ 871.19
- Loan to value60 %
- Initial interest rate3.84 %
- Variable rate7.74 %
- APRC7.2%
- Product fees£ 1,099
Representative example:Repayment mortgage of £168,000.00 over 25 years, representative APRC 7.2%. Repayments: 26 months of £871.19 at 3.84% (fixed), then 274 months of £1,236.77 at 7.74% (variable). Total amount payable £361,525.92. Early repayment charges apply until 30-Sep-2027. Arrangement, mortgage discharge, valuation and CHAPS fees total £1099. Legal fees £161.27.
- 2 years
- Fixed rate
- Monthly repayment£ 1,031.43
- Loan to value70 %
- Initial interest rate3.98 %
- Variable rate6.75 %
- APRC6.5%
- Product fees£ 1,224
Representative example:Repayment mortgage of £196,000.00 over 25 years, representative APRC 6.5%. Repayments: 27 months of £1,031.43 at 3.98% (fixed), then 273 months of £1,328.12 at 6.75% (variable). Total amount payable £390,425.37. Early repayment charges apply until 02-Oct-2027. Arrangement, mortgage discharge, valuation and CHAPS fees total £1224. Legal fees £184.75.
- 2 years
- Fixed rate
- Monthly repayment£ 1,187.31
- Loan to value80 %
- Initial interest rate4.04 %
- Variable rate6.24 %
- APRC6%
- Product fees£ 1,004
Representative example:Repayment mortgage of £224,000.00 over 25 years, representative APRC 6%. Repayments: 26 months of £1,187.31 at 4.04% (fixed), then 274 months of £1,455.01 at 6.24% (variable). Total amount payable £429,542.80. Early repayment charges apply until 30-Sep-2027. Arrangement, mortgage discharge, valuation and CHAPS fees total £1004. Legal fees £126.
- 5 years
- Fixed rate
- Monthly repayment£ 1,369.42
- Loan to value90 %
- Initial interest rate4.28 %
- Variable rate6.24 %
- APRC5.6%
- Product fees£ 1,004
Representative example:Repayment mortgage of £252,000.00 over 25 years, representative APRC 5.6%. Repayments: 62 months of £1,369.42 at 4.28% (fixed), then 238 months of £1,609.23 at 6.24% (variable). Total amount payable £467,900.78. Early repayment charges apply until 30-Sep-2030. Arrangement, mortgage discharge, valuation and CHAPS fees total £1004. Legal fees £126.
The above fixed rates are provided by Mojo Mortgages and updated every 12 hours. THEY MAY NOT BE AVAILABLE WHEN YOU'RE READY TO SUBMIT AN APPLICATION.
How does a mortgage work?
A mortgage is a type of secured loan that helps you to buy a property. You'll borrow the money you need (minus your deposit) from a lender, and then pay back what you owe, plus interest, monthly over a set period of time.
Repayment mortgages
If you take out a mortgage on a repayment basis, you repay some of the capital (loan amount) you borrowed and some interest each month. Most residential mortgages are taken out on a repayment basis.
This means by the end of the mortgage term, you'll have repaid the mortgage in full and will own your home outright.
Interest-only mortgages
With interest-only mortgages, you only pay the interest on the mortgage each month – you don’t repay any of the loan, which is paid in full at the end of your mortgage term.
For this reason, interest-only mortgages are usually only used to purchase buy-to-let properties - but they are available for residential properties in certain circumstances.
What types of mortgages are there?
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 mortgage rate won’t increase within a specific time frame makes budgeting for your monthly repayments much easier. But you won't benefit if interest rates decrease whilst you're on a fixed-rate deal.
Variable-rate mortgage
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 normally end up on this rate at the end of any other type of deal, unless you remortgage to another deal.
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 follow its movements, matching how much it rises and falls by.
Offset mortgages
With offset mortgages, your savings are offset against your mortgage loan so that you pay less interest. For example, if you have savings of £50,000 and a mortgage of £200,000, you would only pay interest on £150,000. Your savings would not accumulate any interest though. You can get fixed or variable offset mortgages.
Interest-only mortgages
With interest-only mortgages, you'll only pay the interest on the loan and will be required to pay back what you borrowed in full at the end of the term. While your monthly mortgage repayments may be lower, you'll likely repay more interest overall as you're paying interest on the full amount of the loan for the entire mortgage term.
How do mortgage interest rates work?
When you take out a mortgage, you pay it back with interest (extra money on top of the amount you borrowed), as this is how the lender makes money.
The mortgage interest rates available to you will depend on your financial circumstances, your deposit amount, the mortgage term, 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.
If you have a fixed-rate mortgage, changes in mortgage rates won't impact you until the end of the fixed period. However, if you took our your mortgage at a time during the lowest mortgage rates period in recent years, it's important to consider how much more you might pay when remortgaging.
Those on variable-rate mortgage types will be impacted by changes in mortgage rates, as the interest rates you're charged can change over the lifetime of the loan. This is often in-line with the Bank of England base rate.
How much deposit do I need for a mortgage?
Most lenders require a deposit of at least 5% of the property value. However, aiming for a larger deposit can unlock more competitive interest rates and a wider range of mortgage deals due to a lower loan-to-value.
If you’re struggling to build up the deposit you need to get a mortgage, there are schemes out there designed to help you get on the property ladder with a smaller down payment. For example, a Lifetime ISA supports first-time buyers. It allows you to put in up to £4,000 each year, and receive a 25% bonus added to your savings by the government. You could also explore the Deposit Unlock scheme, which allows you to buy a new build home with a 5% deposit from participating home builders and lenders.
How to improve your chances of getting the best mortgage deals
If you're looking for the best mortgage rate, you'll likely find it much harder to find rates cheaper 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 throughout 2023 which has only just started to drop recently.
However, there are still ways to increase your chances of securing a competitive rate:
Save as large a deposit as you can afford. Lower interest rates are generally achieved with larger deposits, as lower LTV mortgages are seen as less risky by lenders.
Improve your credit score. Lenders use your credit history to check if you’ll be a reliable borrower. If you can show you’ve got a good track record of consistently paying bills on time, this can help you to access competitive rates.
Pay off outstanding debt if you can. Lenders work out what percentage of your income goes towards paying off existing debt. Keeping your debt-to-income ratio low could help you to secure better rates.
Show stable income. Demonstrate you can afford the mortgage you want by showcasing reliable, consistent income. You’ll usually be asked to share three months’ worth of payslips and a P60. Or, if you’re self-employed, your certified accounts, end-of-year tax calculations and tax year overview covering the last two or three years.
Speak to a mortgage broker. They’ll help you compare all of the best mortgage deals from across the market to see what's available to you.
Help for first-time buyers
If you're buying a home for the first time, it can be 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 June 2025, 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 £300,000. In Scotland you get relief up to £175,000, and in Wales it's £225,000. 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.
Even if base rate cuts are announced in 2025, lender rate changes can be complex, and will take into account wider economic factors. Consult a broker who can help you compare mortgages from across the market and find the right deal for you.”Jason McDonald, Mortgage Expert
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Key mortgage terms explained
Here are some of the most commonly used mortgage industry terms where clarification could be helpful:
APR and APRC: The APR (Annual percentage rate) and the APRC (Annual percentage rate of charge) must be shown on lender deals. They show customers the true price of the deal with both interest and fees included
Loan to Value (LTV): Usually referred to as LTV, this refers to the size of your loan compared to the full cost of the property. This determines how much of a deposit you'll need - for example, if the maximum LTV is 75%, then you need a 25% deposit
Agreement in principle: Also known as a decision in principle, this is the initial mortgage offer from a lender stating how much you should be able to borrow, assuming you qualify when going through the full application
Porting your mortgage: Most modern mortgages are portable, which means you can take them to a new property, assuming your lender agrees with your property choice
Exchange of Contracts: When contacts are exchanges, both the buyer and seller become legally bound to continue with the purchase/sale and neither can back out
Mortgage Broker or mortgage adviser: This refers to anyone who is qualified to give mortgage advice. There are different types of mortgage broker but they all help buyers through the mortgage application process
Debt to income ratio (DTI): DTI is a metric used by lenders to determine how much debt you have compared to income and help decide how much you can borrow
Equity: This is the chunk of your property that you already own. It's determined by current value minus your deposit and how much you've repaid. However, it can fluctuate with the value of your home
Early repayment charge: An early repayment charge (ERC) is a fee lenders might charge if you decide to overpay, remortgage or pay off your mortgage early. Lenders often charge this to recoup some of the interest they would have earned over the full lifetime of your mortgage.
Initial interest rate: The initial interest rate is the amount of interest you're charged over a set period of time at the start of your mortgage. Two-year and five-year fixed-rate mortgages are the most common examples. After the fixed period ends, you can choose to remortgage or switch to the standard variable rate.
Mortgage term: A mortgage term is the total length of time it takes to pay off your mortgage, including the initial term.
Mortgage FAQs
What is a mortgage?
A mortgage is a loan from a bank, building society or other lender that you use to buy property. You normally repay the mortgage plus interest over a set period of time (the mortgage term), normally around 25-30 years.
This type of loan is secured on the property you’re buying, meaning that if you default on payments (fail to repay the loan), the lender could potentially repossess your home (take it back). This is usually a last resort, but it's important to understand that you won't own the property outright until the entire loan has been repaid.
You can use a property bought with a mortgage as soon as the purchase has been completed. Being able to continue doing so depends on you keeping up with the repayments each month.
How long is a mortgage term in the UK?
The typical length of a mortgage in the UK is around 25-30 years, but the term can be shorter or longer, depending on your preference, income and age.
A longer term mortgage will allow you to keep your monthly costs lower, as it will spread out the repayments over a longer duration. But this also means that it takes you longer to repay the mortgage, and you’ll pay more interest overall as a result.
What is loan to value (LTV)?
The LTV is the ratio between the value of your property and the amount you're borrowing. For example, if you take out £112,500 mortgage on a £150,000 property, the loan would be 75% LTV. You would therefore need a deposit of 25% (or £37,500).
All mortgages have a maximum LTV that it's possible to borrow, and typically, the higher the LTV (the more you borrow compared to the cost of the property), the higher interest rate you’ll pay.
First-time buyers tend to need to borrow a higher percentage of the property’s value than existing homeowners. This is because if you already have a home, you typically build up equity in the property as you repay the loan and when house prices rise. Equity can be used as a deposit when you find a new remortgage or move home.
What is the APRC?
APRC stands for Annual Percentage Rate of Charge and is a way of comparing different mortgages. It takes the overall rate charged over the lifetime of the mortgage, including any fees, and gives you a baseline mortgage rate comparison.
Mortgages generally offer a lower interest rate for the first two to 10 years then revert to the lender’s standard variable rate (SVR). Every lender has their own SVR and this is typically (but not always) the most expensive rate available.
The APRC uses both of these interest rates to show the real cost over the whole term of the mortgage. This helps you to find out whether the mortgage deal with the lowest initial rate is really the cheapest overall.
As this assumes you’ll keep the same mortgage for the whole term, it’s not always a useful way to compare deals, however. Looking at the total cost over the deal period can be a better way to find the cheapest option, if you're planning to switch mortgages when each deal period ends.
Should I get a repayment or an interest only mortgage?
Most residential mortgages are only offered on a repayment basis, so if you're purchasing a home to live in, then you will most likely need to get a repayment mortgage.
This is because interest-only mortgages are much riskier, as you still owe the full loan amount at the end of the term. You need a repayment plan in place and if this doesn't work out, you'll need to sell the property at the end of the term.
However, if you're purchasing a buy-to-let property, interest-only mortgages are commonly available. Most landlords use interest-only mortgages, as it means the monthly mortgage repayments are lower, allowing them increased profit from the rent.
This can be used for property maintenance or saved towards repaying the full loan at the end of the mortgage term. Plus, landlords are usually happier to sell a investment property than residents are to sell their home at the end of the term, if necessary.
A repayment mortgage costs more each month than an interest-only mortgage. However, you will repay more interest overall with an interest-only mortgage, as you’re paying interest on the full capital amount for the entire mortgage term.
For example, if you had a mortgage of £200,000 at 5% over 20 years, the total interest would be around £116,876 if you took out the mortgage on a repayment basis. If you took it out on an interest-only basis, you would end up paying £200,146 in interest and would still owe £200,000 capital at the end.
How can mortgage comparison save me money?
When applying for a mortgage, it's important to get a competitive rate, as this will determine how much you pay each month.
An independent mortgage broker carry out mortgage rates comparison across the whole market very quickly, and help find the deal that's most suited to your individual circumstances.
Important questions to consider when choosing a mortgage are:
How much will my monthly mortgage payments be?
What arrangement fees will I need to pay?
If I choose a variable-rate mortgage, what happens when interest rates rise?
Always factor in the fees as well as the interest rate when you're deciding which is the most affordable option overall. The easiest way to do this is to look at the total cost over the deal period. Some fees can be paid upfront or added to your mortgage. If you do add fees, you’ll pay interest on them along with the rest of your mortgage.
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Sources
https://www.bankofengland.co.uk/monetary-policy/the-interest-rate-bank-rate
https://www.gov.uk/first-homes-scheme
https://hoa.org.uk/advice/guides-for-homeowners/i-am-buying/government-schemes-help-buy-home/
https://www.gov.uk/right-to-buy-buying-your-council-home
https://www.gov.uk/lifetime-isa
https://www.gov.uk/stamp-duty-land-tax
https://www.gov.scot/policies/taxes/land-and-buildings-transaction-tax/
*Average savings are based on Mojo Mortgages residential remortgage sales data, compared to the average SVR in May 2025. Actual savings will depend on individual circumstances.
YOUR HOME/PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.
The FCA does not regulate mortgages on commercial or investment buy-to-let properties.
Uswitch 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. To contact Mojo by phone, please call 0333 123 0012.