The Best Residential Mortgage Rates This Week 7/31/20



Initial interest period

Product fees

Leeds Building Society

1.14% fixed

2 years

€ 1,999

RBS and NatWest

1.17% fixed

2 years

£ 995

West Brom Building Society

1.34% fixed

3 years

£ 999

Platform part of the cooperative bank

1.39% fixed

5 years

€ 1,499

West Brom Building Society

1.40% fixed

5 years

£ 999

There are some changes and additions to the tariff tables for the The best mortgages for moving at 60% LTV this week.
The West Brom Building Society withdrew their two-year fixed-rate mortgage at 1.14% during the week and the Leeds Building Society now has the best rate at 1.14%. However, this mortgage has one of the highest fees on the market. Those looking to charge their mortgage loans with fees will find that there are other mortgages out there that cost less during the fixed rate term, even though they have a slightly higher interest rate. For example, if you want to borrow £ 220,000 (including fees), you can save nearly £ 1,500 over two years by opting for the NatWest or RBS mortgage versus the Leeds Building Society. Repayments made over two years are £ 22,284.36 to the Leeds Building Society and only £ 21,704.84 to RBS or NatWest over the same period.

The Leeds Building Society best interest rate of 1.14% (4.4% APRC) is set through October 31, 2022 and will reset to 4.04% floating rate. This mortgage is available up to 75% LTV. Free evaluation is included.
Both RBS and NatWest are offering a two-year fixed rate debt rescheduling of 1.17% (3.2% APRC) through September 30, 2022. After that, the interest rate will be increased to 3.59%. The fee is £ 995 and £ 250 cashback is available.

The West Brom Building Society did the best three-year fixed-rate mortgage at 60% LTV at 1.34% fixed until September 30, 2023, then again 3.99% variable. The fee is £ 999 and free reviews are included.

The best 5-year fixed rate for the move home this week from the Co-operative Bank and the West Brom Building Society stayed the same. The credit union offers the lowest fixed rate of 1.39% (3.2% APRC) but a hefty fee of £ 1,499, while the West Brom Building Society offers a marginal 1.40% fixed rate (3.2% APRC) is higher and offers a fee more in line with the rest of the market at £ 999.
The Co-operative Bank’s mortgage is fixed until November 30, 2025, while West Brom’s mortgage is slightly shorter until September 30, 2025. In both cases, the interest rates will rise after the fixed term, with the Co-operative Bank’s interest rate rising to 4.34% and the West Brom rate rising to 3.99%.

In terms of incentives, the Co-operative Bank mortgage offers free legal advice (free legal fees apply to debt rescheduling only) and valuations and £ 250 cashback. West Brom’s incentives are more modest as there is only one free assessment.

Borrowers who need to add the fee to their mortgage may find that the West Brom Mortgage provides better value than The Co-operative Bank’s mortgage over the five year term.

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