Compare Current Mortgage Rates
Compare current mortgage rates in the UK with our easy-to-use best-buy mortgage table.
Mortgage Best Buy Table
Purchasing a home is an important decision, which is why impartial advice from expert advisers can help guide you throughout the process. We can help you make an informed decision based on your current circumstances.
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Best Mortgage Rates for First-Time Buyers
The best mortgage rates for first-time buyers depend on your deposit size, income, credit history, and the mortgage term you choose. For more insight, read our guide to find out what mortgage you can get.
Buyers with larger deposits may access lower rates, but 95% loan-to-value mortgages are still available with a 5% deposit, along with 100% mortgages and no deposit. To see if you are eligible for this type of mortgage, explore our blog: Can I get a 100% mortgage?
Mortgage rates and lender criteria can change regularly, so comparing current deals is important. A mortgage adviser can help you review the available options and find a mortgage that suits your budget and circumstances. To help you decide when the best time to get on the property ladder is, browse our guide on whether mortgage rates are coming down.
How to Compare Current Mortgage Rates
When purchasing a home, selecting the right mortgage is important. There are a few different types of mortgages, each designed to fit different financial situations. Some lenders offer mortgages designed for first-time homebuyers, while others may need to consider remortgaging.
Alternatively, for those looking to invest in property, a buy-to-let mortgage is another viable option. Understanding your options means you select the mortgage best suited to your needs. Here’s a look at some of the main mortgage types:
Fixed-Rate Mortgage
A fixed-rate mortgage has a constant interest rate and monthly payments that remain the same throughout the loan term, typically two to five years. This type of mortgage is ideal for those who want stability and predictability in their payments.
Interest-Only Mortgage
With an interest-only mortgage, borrowers pay only the interest for a certain period, typically 5–10 years, before beginning to pay both principal and interest. This can be helpful for those with fluctuating incomes, but can result in higher payments later.
Offset Mortgage
An offset mortgage links your mortgage to a savings or current account. Instead of earning interest on your savings, the balance is used to offset the mortgage amount you pay interest on.
Latest Insights on Mortgage Rates
As of October 2026, mortgage rates in the UK continue to be shaped by ongoing Bank of England decisions and wider economic conditions, making it worth comparing current mortgage rates before deciding on a deal.
The Bank of England has held the base rate at 3.75% for six consecutive meetings, as it weighs up inflation pressures against economic growth. This decision continues to have a direct impact on borrowing costs, including mortgages.
How Much Can You Borrow for a Mortgage?
The amount you can borrow for a mortgage depends on several factors, including your income, expenses, credit score, and the lender’s criteria. Here’s what determines your borrowing power:
- Income and Affordability
- Deposit Size
- Interest Rates and Mortgage Terms
- Credit Score and Financial History
- Monthly Outgoings and Debt-to-Income Ratio
To get an estimate of how much you could borrow and your repayments, try our mortgage calculator.
How Much Deposit Do You Need for a Mortgage?
You typically need at least a 5% deposit for a mortgage, but the more you can put down, the better the mortgage terms. The market has now opened back up to 100% mortgages, with no deposit. Here's a quick guide:
- 0 to 5% deposit (100% & 95% LTV): Minimum for first-time buyers, but higher interest rates.
- 10% deposit (90% LTV): Access to more mortgage options and better rates.
- 15 to 20% deposit (80 to 85% LTV): Best rates and terms.
A larger deposit lowers borrowing risk, leading to lower interest rates and cheaper monthly repayments. If you're a first-time buyer, you may qualify for government schemes with lower deposit requirements.
What Do I Need to Apply for a Mortgage?
When applying for a mortgage, you'll need to provide the following personal identification and information:
1. Personal Details
- Full name, address, and contact information.
- Date of birth and nationality.
- Marital status and dependents.
2. Financial Information
- Income: Pay slips, tax returns (if self-employed), or bank statements.
Employer details: Name, address, job title, and length of employment. - Other income: Bonuses, investments, or rental income.
- Monthly outgoings: Credit card payments, loans, utility bills, etc.
3. Credit History
- Details of any existing debts, loans, or credit cards.
- A credit report or consent for the lender to run a credit check.
4. Deposit Details
- The source of your deposit (savings, gift, or inheritance).
- Evidence of the deposit (bank statements or proof of transfer).
5. Property Information
- Property details (address, value, type, and intended use).
- If you’re buying, an agreement in principle (AIP) or an offer from a seller.
6. ID and Proof of Address
- Passport, driving license, or other photo ID.
- Recent utility bills or bank statements (usually within the last 3 months).
Tips for a Better Mortgage Rate
1. Shop around
Compare rates from multiple lenders, including banks, credit unions, and online brokers. Rates can vary, so don’t just settle for the first offer.
2. Improve your credit score
A higher credit score often leads to lower mortgage rates. Pay off debts, reduce credit card balances, and check your credit report for errors to improve your score.
3. Save for a larger deposit
The more you can put down, the better the rate you'll likely get. A deposit of 15% or more can help you secure a lower interest rate and better terms. If you’re concerned about your deposit, read our guide: How do you know if your savings are safe?
4. Consider a shorter term
Opting for a shorter loan term (e.g., 15 years instead of 30) can lower your interest rate and save you money in the long run.
5. Get a mortgage agreement in principle (AIP)
Having an AIP gives you an idea of how much a lender is willing to lend and shows you’re a serious buyer, which can sometimes help you secure a better rate.
6. Look for deals and discounts
Many lenders offer special deals or discounts for setting up automatic payments or paying higher fees upfront. Research the latest offers.
7. Pay attention to the fees
A low rate may be offset by high fees. Make sure you factor in the total cost of the mortgage, including arrangement fees, valuation fees, and early repayment charges.
8. Consider fixed vs. variable rates
While fixed rates provide stability, variable rates can sometimes offer lower initial rates. Consider your financial situation and risk tolerance when making your choice.
By following these tips, you can increase your chances of securing a mortgage with a better rate and more favourable terms.
How Bell Financial Solutions Can Help
Expert mortgage advice:
Our team of experienced mortgage advisers will guide you every step of the way. With knowledge of the mortgage market, we give you the most relevant and up-to-date advice.
Long-term financial support
We don’t just help you get a good mortgage rate; we build lasting relationships. Our ongoing support means that you have the right mortgage in place for your financial needs, whether that’s refinancing or remortgaging down the line.
Stress-free mortgage process
We take the hassle out of finding the right mortgage. From comparing rates to handling paperwork, we manage the process for you, ensuring a smooth, stress-free experience from start to finish.
Access to exclusive rates
We have access to exclusive mortgage rates that may not be available on the high street. We work with a range of lenders to make sure we find you the best possible deal that suits your budget.
Mortgage Rates FAQs
Still have questions about mortgage rates?
What affects mortgage rates?
Mortgage rates are influenced by factors such as the Bank of England base rate, inflation, lender policies, your credit score, deposit size, and loan-to-value (LTV) ratio.
How can I get the best mortgage rate?
To get the best rate, consider improving your credit score, saving for a larger deposit, comparing lenders, and looking at fixed vs. variable rates based on your financial goals.
Can I change my mortgage rate after getting a mortgage?
Yes, you can remortgage to a better rate after your fixed-term deal ends or if your financial situation improves. However, early repayment charges may apply.
How often do mortgage rates change?
Mortgage rates can change frequently, depending on economic conditions and lender decisions. Keeping an eye on rate trends can help you get a better deal.
Is it better to go for a short or long fixed-term rate?
A short-term fixed rate (e.g., 2 years) may offer lower rates but requires remortgaging sooner, while a longer-term fix (e.g., 5 or 10 years) provides more stability but may have higher rates.
Do first-time buyers get special mortgage rates?
Some lenders offer special deals for first-time buyers, including lower deposit requirements and government-backed schemes to make homeownership more accessible.
What happens if interest rates rise after I get a mortgage?
- If you have a fixed-rate mortgage, your payments won’t change.
- If you have a variable-rate mortgage, your monthly payments could increase.
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