Compare the best mortgage deals of December 2021

Found your home sweet home? Then make your move with a super-sweet, money-saving mortgage.

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Table: sorted by overall cost for comparison (APRC)
Name Product Initial rate Revert rate (SVR) Maximum LTV Overall cost for comparison Apply link
TSB
0.94% fixed until 28/02/2025
3.59% variable
60%
3% APRC
View details
TSB
1.09% fixed until 28/02/2025
2.59% variable
60%
3.1% APRC
View details
TSB
1.09% fixed until 28/02/2025
3.59% variable
75%
3% APRC
View details
TSB
1.09% fixed until 28/02/2025
2.59% variable
60%
2.4% APRC
View details
Barclays Mortgages
1.11% fixed until 29/02/2024
3.59% variable
60%
3.3% APRC
View details
Barclays Mortgages
1.12% fixed until 29/02/2024
3.59% variable
55%
3.3% APRC
View details
TSB
1.14% fixed until 29/02/2024
3.59% variable
60%
3.2% APRC
View details
Nationwide BS
1.19% fixed for 2 years
3.59% variable
60%
3.3% APRC
View details
Nationwide BS
1.24% fixed for 3 years
3.59% variable
60%
3% APRC
View details
Nationwide BS
1.24% fixed for 2 years
3.59% variable
60%
3.2% APRC
View details
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Compare up to 4 providers

Name Product Initial rate Revert rate (SVR) Maximum LTV Overall cost for comparison Apply link
Nationwide BS
0.79% variable (Base Rate plus 0.69% for up to 40 Years)
N/A
60%
3.1% APRC
View details
Nationwide BS
0.84% variable (Base Rate plus 0.74% for up to 40 Years)
N/A
60%
3.1% APRC
View details
Nationwide BS
0.84% variable (Base Rate plus 0.74% for up to 40 Years)
N/A
75%
3.2% APRC
View details
Barclays Mortgages
0.85% variable (Base Rate plus 0.75% for up to 40 Years)
N/A
60%
3.2% APRC
View details
Nationwide BS
0.89% variable (Base Rate plus 0.79% for up to 40 Years)
N/A
60%
3.1% APRC
View details
Nationwide BS
0.89% variable (Base Rate plus 0.79% for up to 40 Years)
N/A
75%
3.2% APRC
View details
Nationwide BS
0.89% variable (Base Rate plus 0.79% for up to 40 Years)
N/A
60%
3.1% APRC
View details
Nationwide BS
0.89% variable (Base Rate plus 0.79% for up to 40 Years)
N/A
80%
3.2% APRC
View details
Nationwide BS
0.94% variable (Base Rate plus 0.84% for up to 40 Years)
N/A
60%
3.3% APRC
View details
Nationwide BS
0.94% variable (Base Rate plus 0.84% for up to 40 Years)
N/A
80%
3.3% APRC
View details
Nationwide BS
0.94% variable (Base Rate plus 0.84% for up to 40 Years)
N/A
85%
3.3% APRC
View details
Nationwide BS
0.94% variable (Base Rate plus 0.84% for up to 40 Years)
N/A
60%
3.1% APRC
View details
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Compare up to 4 providers

Overall representative example
If you borrow £170,000 over a 25-year term at 1.88% p.a. (fixed) for 63 months reverting to 3.59% p.a. (variable) for the remaining term, you would make 63 monthly payments of £710.66 and 237 monthly payments of £829.08. The total payable would be £242,410.54, which includes interest of £71,264, valuation fees of £102 and a product fee of £995. The overall cost for comparison is 3.0% APRC representative.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

We know that deciding to take out a mortgage is a big financial commitment, something that you shouldn’t rush into without exploring your available options. That’s why we have designed this page to help you cut through the industry jargon to better understand how mortgages work and how you should compare the different deals that are out there.

Mortgage calculators

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Estimate the size of mortgage that will be available to you based on factors like your income and deposit.

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How much stamp duty will I pay?

Buying a property over £125,000? Calculate how much you will pay in stamp duty with our handy calculator.

How mortgages work

Whether you’re buying a house, unit or flat, most of us don’t have enough money tucked away to cover the full purchase price. In order to get the full amount needed to buy a property, we need to borrow money through a mortgage.

A mortgage is an arrangement where you borrow money from a lender to buy a property, whether as a home or investment (such as a buy-to-let). The term of a mortgage usually lasts between 25 and 35 years.

In exchange for allowing you to borrow this money, your lender will charge you interest. This can be either a fixed rate mortgage at a certain rate, or a variable rate mortgage.

You’ll usually pay your mortgage off in instalments known as repayments. These are normally required to be made every month.

A mortgage can also be known as a home loan or as home finance.

How to compare mortgages

The introductory rate is one of the most important factors to consider when comparing mortgages, but it doesn’t tell the whole story. Here are some other elements to take into account.

  • Term length. Fixed rate mortgages with longer terms have higher rates, but you’ll be protected against potential rate rises for longer. It’s often recommended to apply for short-term mortgages and remortgage once the introductory term ends, but there’s no guarantee you’ll be in a financial position to be approved for a remortgage at that time, which is another reason why some people prefer the security of long-term mortgages.
  • Extra fees. Most mortgage products will have one-off fees attached to them. These should be considered as well as the interest rate. The best way to compare mortgages is to calculate the total amount you’ll spend during the introductory term. The main fee to look out for is an “arrangement fee”. This often adds up to several hundred pounds, even though some mortgage products don’t include this at all. Some lenders will give you the option to add any fees onto the mortgage, but this should be avoided whenever possible, as it will mean paying interest on them for the entirety of your mortgage term.
  • SVR (standard variable rate). This is the rate you’ll be switched onto after the introductory rate ends. It’s best to remortgage before you’re moved on to this significantly higher rate, but that’s not always possible, so it’s worth bearing this rate in mind.
  • Total repayable. This is the total amount you’ll owe over the length of your mortgage. This won’t be too important if you’re planning to remortgage after the introductory term ends, but it’s still a useful figure to help you compare products. The easiest way to reduce your total repayable is to cut the length of your mortgage. Your monthly repayments will be higher, but the amount of interest paid will drop significantly.
  • LTV (loan-to-value). This is the amount of money you’re borrowing from your lender, expressed as a percentage of your property value. With a higher deposit, you’ll be able to access mortgages with a lower LTV ratio. These mortgages have lower interest rates, plus you’ll pay less interest in total.

Struggling to understand mortgage jargon?

We know that sometimes it seems as though the financial world operates in a different language altogether, making it hard to understand what you’re getting into when applying for a mortgage. So to help you out, we have created a mortgage A-Z to simplify the terms you’re most likely to come across in your application.

Applying for a mortgage

  • Make sure your credit report is in order. You can get a copy of your credit report online. It’s a good idea to make sure your address history is accurate and it also might help to be registered on the Electoral Roll at your main address.
  • Ensure your ID and address documents are up to date. Some mortgage lenders will ask you to provide proof of ID or address to satisfy money laundering requirements. These must be original documents, not copies, and be current and valid.
  • Where is your deposit coming from? All lenders will want to see where your deposit is coming from and whether it is a gift or part of your savings. For example, if the money is coming from your savings account then you will be required to show bank statements as evidence.
  • Have all your income proof ready. Your lender will want to know how much you earn, so it is a good idea to have your income proof readily available for your application. You may be required to present your payslips/bank statements for the last three months, or your latest P60. The documents you will need to supply depends on the requirements of the specific lender.
  • Check your solicitor is on the lender’s panel. Lenders these days are extra careful about which law firm you are using, in order to target mortgage fraud. Ask your solicitor if they can work with most lenders, and make sure it is a reputable firm.
  • Are you getting a joint mortgage? Think about how strong your relationship is with the other party. Changes to your relationship could make it hard if one party wishes to sell their part of the property.
  • What are your plans for the property over the next few years? Match your mortgage to your future plans. For example, avoid taking out a fixed rate mortgage if you plan to sell the property shortly after buying it. Many fixed rate mortgages charge a penalty if you pay them off before the end of the set period which can be expensive.
  • Are you eligible for the mortgage? Borrowers generally need to be over 18 years of age. There are other requirements too, but these depend on the lender. Some will want you to have a good credit rating. Others might not allow you to buy inner city apartments. Always read these conditions before applying.

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Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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