Compare Best Mortgage Rates
On this page you can compare mortgage deals from across the market with our free best buys tool. You’ll also find information on the different types of mortgages and deposits required.
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Compare Mortgage Rates from over 120 Lenders
Use our online mortgage comparison tool to find the best mortgages currently on the market in the UK and to compare mortgage lenders.
These are indicative figures only and may not represent all the costs associated with each product. For more information speak to one of our mortgage brokers on 0330 433 2927.
Find the Best Mortgage Deal for You
Not sure what mortgage is right for you? Compare the best mortgage deals on the market today with our free best buy tool.
Need a bit more information first? Keep reading to learn more about which type of buyer you are and what this means for your mortgage - or make an enquiry and speak to our expert team.
What Is the Best Mortgage You Can Get?
The best mortgage for you will depend on a few different factors - such as your income, your eligibility with lenders and your plans for the property.
A mortgage is a big and costly commitment, so learn about your options and seek independent advice.
First-Time Buyer
What Is It?
You’re a first-time buyer if you’ve never owned a property in the UK or anywhere else in the world. The first-time buyer mortgage rates available to you will typically be the same as those available to someone who’s moving home. There are a few mortgage deals with special incentives specifically for first-time buyers, but these won’t necessarily be more suitable for you.
Being a first-time buyer also means you'll typically have to pay less Stamp Duty than a previous homeowner would on the same property.
How Much Deposit Will You Need?
The minimum deposit you have to provide is typically 5%, but some lenders will expect 10% or more.
Buy-to-Let
What Is It?
A buy-to-let mortgage is a mortgage you take out on a property that you intend on renting out. Buy-to-let mortgages come with higher interest rates than residential mortgages, because they’re riskier investments for lenders.
How Much Deposit Will You Need?
Typically, you’ll need at least 25% in deposit for a buy-to-let mortgage. There are a few lenders that offer LTVs (loan-to-values) higher than 75% but these tend to be specialist cases, which means you’ll need to consult a broker.
Specialist
What Is It?
If none of the above options apply to you, or your situation is a little more complicated – e.g. you’re an expat or self-employed – then you may require a specialist mortgage.
How Much Deposit Will You Need?
The minimum deposit you’ll need will depend on your situation and the kind of mortgage or loan you require. Find out what kind of specialist mortgage you need.
Moving Home
What Is It?
You’ll fall under the category of moving home if you currently own a main residence but want to sell it and purchase a new one. The mortgages available to you will be the same as those available to a first-time buyer, but you may not have access to the special incentives that come with some first-time buyer mortgages.
How Much Deposit Will You Need?
Most lenders require at least 10% in deposit but there are some that will accept 5%.
Remortgage
What Is It?
Remortgaging is where you change to a new mortgage with a new lender but stay in/keep the same property. Remortgage products are the same as the normal mortgage products that would be available to you if you were buying a new property.
The same is also true if you wanted to remortgage a buy-to-let property; the products available to you will be the same as the products that would be available if you were purchasing a new buy-to-let property.
How Much Deposit Will You Need?
The minimum deposit you’ll have to provide is 5%, however it’s likely you’ll have more equity in your property than 5% by the time you remortgage and therefore will provide a greater deposit. Nonetheless, it is possible to take out a remortgage with an LTV of 95% if you were raising capital on your property.
Commercial
What Is It?
A commercial mortgage is a mortgage that’s secured against a commercial property, like an office building or block of flats.
How Much Deposit Will You Need?
The minimum deposit you’ll have to provide for a commercial mortgage is 25%, but a lot of borrowers will typically put down 25% - 35%.
How Can John Charcol Help First-Time Buyers?
We Take Care of Everything
With 50 years of service, we've seen it all. We can save you money, time and make buying your property easy.
We're Highly Recommended
We have over 2,120 5* reviews on reviews.co.uk, so you can feel confident that your mortgage is in the right hands.
We Give Personal, Expert Advice
We work around your schedule to help you arrange a mortgage that suits your circumstances, no matter how complex.
John Charcol Expert Tip - September 2024
"If you're looking to compare mortgage deals, John Charcol makes it super easy for you to find the best options. Our Best Buys section brings together a wide range of competitive mortgage offers, allowing you to compare rates, fees, and terms all in one convenient place. What really sets us apart is the expert advice we provide, helping you better understand which mortgage fits your unique situation. Whether you're buying your first home or remortgaging, John Charcol is here to guide you to the right deal and help you make a more informed decision about your mortgage".
Mortgage Rates FAQs
Can a Mortgage Broker Get Me a Better Deal than a Bank?
If you use a high street lender – like a bank – they’ll only be able to offer a mortgage product from their range. We’re an independent mortgage broker with access to every lender on the market, which means we regularly have access to exclusive deals.
Which Type of Mortgage Has the Lowest Interest Rates?
The general rule is that residential mortgages with LTVs of up to 60% have the lowest interest rates, because they’re very secure investments for the lender. The borrower has a large amount of equity in their property from the outset and the mortgage is secured on their home, which means they’re more likely to keep up/prioritise their monthly payments.
Nonetheless, residential mortgages are completely different from buy-to-let mortgages and what you need will depend on the type of buyer you are and the property you’re purchasing.
Which Banks Offer the Cheapest Mortgage Rates?
There’s no one bank or lender that offers the cheapest mortgage rates. Rates change all the time, not to mention the fact that a single lender’s products will vary.
How Does the Size of My Deposit Affect My Mortgage Rate?
The size of your deposit does affect the mortgage rates available to you. A bigger deposit will often give you access to lower rates. This is due to the fact that the more you have in deposit, the lower the LTV and the lower the risk for the lender should you fail to keep up payments on the mortgage. If the risk is lower than the lender can charge at a lower rate of interest.
Can I Get a Mortgage Online?
Some high street lenders will let you apply for a mortgage online, but this could result in you missing out on a better mortgage deal. It’s always worth speaking with an expert over the phone as you can ask questions and receive advice about the different options available to you. If you do want to speak with an adviser, simply call us on 0330 433 2927.
How Can I Find the Cheapest or Best-Value Mortgage?
To boost your chances of securing a potentially cheaper mortgage with a lower interest rate, you can:
- Provide a larger deposit
- Improve your overall credit profile
- Use a mortgage broker like John Charcol
It’s worth pointing out that there are other factors you need to consider besides the interest rate, when looking at mortgages. The mortgage term, loan-to-value and affordability will all impact the products available to you.