Many have been left worried about what the future holds for mortgages after yet another rise in interest rates. On Thursday the Bank of England raised its base rate by half a percentage point to 5% – its highest for 15 years and the 13th consecutive increase.
The bank has been hiking rates in a bid to tackle high inflation and the cost of living crisis. CPI inflation was 8.7% in May and is far higher than the government's target figure of 2% and many are struggling to afford their energy bills and basic costs.
The latest increase has also plunged mortgages into further uncertainty with experts now warning some people in Wales could see their monthly repayments increased by hundreds of pounds if their cheaper deals are coming to an end. The grim predictions are leading to offers regularly disappearing from the market causing more stress for homeowners and would-be buyers. You can read what experts said here.
With rates changing so much, it can be hard to know what the best deals actually are right now. Using MoneySavingExpert's (MSE) Mortgage Best Buys online tool – which you can use here – we've rounded up the best fixed deals as of 2.30pm on Thursday, June 22, for different mortgage types. The figures given are for 25-year fixed mortgages.
Best rates on 60% mortgages
Two-year fixes
Monmouthshire Building Society
Initial rate: 4.69%
Monthly payment: £408
Set up fees: £1,360
MSE total cost: £5,576
APRC: 7.4%
Monmouthshire Building Society
Initial rate: 4.9%
Monthly payment: £417
Set up fees: £1,360
MSE total cost: £5,681
APRC: 7.4%
Leeds Building Society
Initial rate: 5.29%
Monthly payment: £433
Set up fees: £35
MSE total cost: £5,298
APRC: 7.4%
Furness Building Society
Initial rate: 5.29%
Monthly payment: £433
Set up fees: £1,019
MSE total cost: £5,642
APRC: 7.5%
Five-year fixes:
Monmouthshire Building Society
Initial rate: 4.39%
Monthly payment: £396
Set up fees: £1,360
MSE total cost: £5,021
APRC: 6.5%
Leeds Building Society
Initial rate: 4.85%
Monthly payment: £415
Set up fees: £35
MSE total cost: £5,020
APRC: 6.8%
HSBC
Initial rate: 4.89%
Monthly payment: £416
Set up fees: £1,016
MSE total cost: £5,192
APRC: 6.4%
Leeds Building Society
Initial rate: 4.92%
Monthly payment: £418
Set up fees: £35
MSE total cost: £5,055
APRC: 6.8%
10-year fixes:
Nationwide
Initial rate: 4.94%
Monthly payment: £418
Set up fees: £999
MSE total cost: £5,071
APRC: 6.1%
Halifax
Initial rate: 4.94%
Monthly payment: £418
Set up fees: £1,099
MSE total cost: £5,104
APRC: 6.0%
Halifax
Initial rate: 4.94%
Monthly payment: £418
Set up fees: £1,099
MSE total cost: £5,104
APRC: 6.1%
Halifax
Initial rate: 5.03%
Monthly payment: £422
Set up fees: £100
MSE total cost: £5,051
APRC: 6.0%
Best rates on 75% mortgages
Two-year fixes:
Monmouthshire Building Society
Initial rate: 4.90%
Monthly payment: £521
Set up fees: £1,360
MSE total cost: £6,931
APRC: 7.4%
Natwest
Initial rate: 5.26%
Monthly payment: £540
Set up fees: £1,025
MSE total cost: £6,917
APRC: 7.3%
Royal Bank of Scotland
Initial rate: 5.26%
Monthly payment: £540
Set up fees: £1,025
MSE total cost: £6,917
APRC: 7.3%
Five-year fixes:
Leeds Building Society
Initial rate: 4.85%
Monthly payment: £518
Set up fees: £35
MSE total cost: £6,263
APRC: 6.7%
HSBC
Initial rate: 4.89%
Monthly payment: £520
Set up fees: £1,016
MSE total cost: £6,441
APRC: 6.3%
Leeds Building Society
Initial rate: 4.92%
Monthly payment: £522
Set up fees: £35
MSE total cost: £6,307
APRC: 6.8%
10-year fixes:
Nationwide
Initial rate: 4.94%
Monthly payment: £523
Set up fees: £999
MSE total cost: £6,326
APRC: 6.1%
Halifax
Initial rate: 4.94%
Monthly payment: £523
Set up fees: £1,099
MSE total cost: £6,359
APRC: 6.0%
Halifax
Initial rate: 4.94%
Monthly payment: £523
Set up fees: £1,099
MSE total cost: £6,359
APRC: 6.1%
Best rates on 90% mortgages
Two-year fixes:
Monmouthshire Building Society
Initial rate: 4.90%
Monthly payment: £625
Set up fees: £1,360
MSE total cost: £8,181
APRC: 7.3%
HSBC
Initial rate: 5.49%
Monthly payment: £663
Set up fees: £1,016
MSE total cost: £8,420
APRC: 7.0%
Leeds Building Society
Initial rate: 4.90%
Monthly payment: £521
Set up fees: £1,360
MSE total cost: £6,931
APRC: 7.4%
Five-year fixes:
Monmouthshire Building Society
Initial rate: 5.0%
Monthly payment: £631
Set up fees: £1,360
MSE total cost: £7,848
APRC: 6.7%
HSBC
Initial rate: 5.07%
Monthly payment: £636
Set up fees: £1,016
MSE total cost: £7,826
APRC: 6.4%
HSBC
Initial rate: 5.18%
Monthly payment: £643
Set up fees: £17
MSE total cost: £7,716
APRC: 6.4%
10-year fixes:
Nationwide
Initial rate: 5.44%
Monthly payment: £659
Set up fees: £999
MSE total cost: £7,962
APRC: 6.4%
Nationwide
Initial rate: 5.59%
Monthly payment: £669
Set up fees: £0
MSE total cost: £7,978
APRC: 6.5%
Yorkshire Building Society
Initial rate: 5.99%
Monthly payment: £695
Set up fees: £0
MSE total cost: £8,342
APRC: 6.7%
