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Best mortgage rates September 2024
Find out the best rates in September for first-time buyers, home movers and remortgagers, plus what to look for when comparing deals
Buying a home is likely to be the biggest purchase you'll ever make – and the mortgage deal you choose can make thousands of pounds' worth of difference to your long-term costs.
Mortgages are much more expensive than they were a couple of years ago, but the Bank of England's decision to cut its base rate from 5.25% to 5% could bring about lower rates.
Currently, the average two-year fixed mortgage rate is 5.58%, while the average five-year fix stands at 5.22%. But cheaper deals are available.
In this guide, we'll reveal the best mortgage rates in September 2024 for different loan-to-values (LTVs), whether you're thinking of buying a home or want to switch deals, and explain the most important things to look for when comparing mortgages.
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Best mortgage rates for first-time buyers and home movers
Below, we've listed the cheapest fixed-rate and tracker mortgage rates available to first-time buyers and home movers, plus the cheapest fee-free deals. If you're remortgaging your existing property, skip to best remortgage deals.
The rates are based on LTVs ranging from 60% to 95% – use our loan-to-value calculator to see which applies to you.
You can jump to the table you need using these links:
Please note that the information in this article is for information purposes only and doesn't constitute advice. Please refer to the particular terms and conditions of a mortgage provider before committing to any financial products.
Best two-year fixed-rate mortgages
60%
NatWest
70%
4.21%
£1495
7.99%
60% fee free
Barclays
65%
4.43%
£0
6.99%
75%
Leeds Building Society
69%
4.35%
£1499
7.49%
75% fee free
Barclays
65%
4.68%
£0
6.99%
85%
NatWest
70%
4.59%
£1495
7.99%
85% fee free
Barclays
65%
4.95%
£0
6.99%
90%
RECOMMENDED PROVIDER
Yorkshire Building Society
75%
5.19%
£1495
6.74%
Table notes: Data fromMoneyfacts, correct as of 28 August 2024.Customer scores are based on a survey of 3,450 members of the public in July 2023 and combine overall satisfaction with likelihood to recommend the provider. The average customer score is 70%. To become a Which? Recommended Provider a lender must get a top customer score, consistently offer competitive deals and be fully covered by the Financial Conduct Authority banking standards regime. 'Revert rate' is the standard variable rate (SVR), which is the mortgage rate you'd be transferred onto when your deal ended if it remained unchanged between now and then.
Best five-year fixed-rate mortgages
60%
NatWest
70%
3.83%
£1495
7.99%
60% fee free
First Direct
67%
4.04%
£0
6.99%
75%
Virgin Money
60%
3.99%
£995
8.99%
75% fee free
Virgin Money
60%
4.14%
£0
8.99%
85%
NatWest
70%
4.36%
£1495
7.99%
85% fee free
Leeds Building Society
69%
4.45%
£0
8.24%
90%
RECOMMENDED PROVIDER
Skipton Building Society
78%
4.70%
£2995
6.79%
Table notes:Data from Moneyfacts, correct as of 28 August 2024. Customer scores are based on a survey of 3,450 members of the public in July 2023 and combine overall satisfaction with likelihood to recommend the provider. The average customer score is 70%. To become a Which? Recommended Provider a lender must get a top customer score, consistently offer competitive deals and be fully covered by the Financial Conduct Authority banking standards regime. 'Revert rate' is the standard variable rate (SVR), which is the mortgage rate you'd be transferred onto when your deal ended if it remained unchanged between now and then.
Best two-year tracker mortgages
60%
Barclays
65%
5.15%
£999
6.99%
60% fee free
Principality Building Society
N/A
5.50%
£0
7.10%
75%
HSBC
65%
5.29%
£999
6.99%
75% fee free
Principality Building Society
N/A
5.55%
£0
7.10%
90%
NatWest
70%
5.73%
£995
7.99%
90% fee free
NatWest
70%
5.93%
£0
7.99%
Table notes: Data from Moneyfacts, correct as of 28 August 2024. Customer scores are based on a survey of 3,450 members of the public in July 2023 and combine overall satisfaction with likelihood to recommend the provider. The average customer score is 70%. To become a Which? Recommended Provider a lender must get a top customer score, consistently offer competitive deals and be fully covered by the Financial Conduct Authority banking standards regime. 'Revert rate' is the standard variable rate (SVR), which is the mortgage rate you'd be transferred onto when your deal ended if it remained unchanged between now and then.
Best remortgage deals
Below, we've listed the cheapest fixed-rate and tracker mortgage rates available for remortgaging across a range of loan-to-values (use our LTV calculator to check where you stand), plus the lowest rates on fee-free deals.
You can skip to the table you need using the links below – or, if you want to find out more about the process first, visit our guide on how to remortgage.
Please note that the information in this article is for information purposes only and doesn't constitute advice. Please refer to the particular terms and conditions of a mortgage provider before committing to any financial products.
Best two-year fixed-rate mortgages
60%
RECOMMENDED PROVIDER
Nationwide
78%
4.28%
£1499
7.74%
60% fee free
Leeds Building Society
69%
4.59%
£0
7.49%
75%
Leeds Building Society
69%
4.35%
£1499
7.49%
75% fee free
Leeds Building Society
69%
4.74%
£0
7.49%
85%
Co-Operative Bank
54%
5.62%
£999
7.87%
85% fee free
Digital Mortgages by Atom Bank
N/A
5.84%
£0
7.14%
90%
Leek Building Society
N/A
5.20%
£995
7.99%
Table notes:Data from Moneyfacts, correct as of 28 August 2024. Customer scores are based on a survey of 3,450 members of the public in July 2023 and combine overall satisfaction with likelihood to recommend the provider. The average customer score is 70%. To become a Which? Recommended Provider a lender must get a top customer score, consistently offer competitive deals and be fully covered by the Financial Conduct Authority banking standards regime. 'Revert rate' is the standard variable rate (SVR), which is the mortgage rate you'd be transferred onto when your deal ended if it remained unchanged between now and then.
Best five-year fixed-rate mortgages
60%
RECOMMENDED PROVIDER
Nationwide
78%
3.94%
£1499
7.74%
60% fee free
RECOMMENDED PROVIDER
Nationwide
78%
4.11%
£0
7.74%
75%
NatWest
70%
4.07%
£1495
7.99%
75% fee free
Leeds Building Society
69%
4.22%
£0
8.24%
85%
RECOMMENDED PROVIDER
Nationwide
78%
4.59%
£1499
7.74%
85% fee free
Principality Building Society
N/A
4.80%
£0
7.60%
90%
RECOMMENDED PROVIDER
Yorkshire Building Society
75%
4.89%
£995
7.99%
Table notes:Data from Moneyfacts, correct as of 28 August 2024. Customer scores are based on a survey of 3,450 members of the public in July 2023 and combine overall satisfaction with likelihood to recommend the provider. The average customer score is 70%. To become a Which? Recommended Provider a lender must get a top customer score, consistently offer competitive deals and be fully covered by the Financial Conduct Authority banking standards regime. 'Revert rate' is the standard variable rate (SVR), which is the mortgage rate you'd be transferred onto when your deal ended if it remained unchanged between now and then.
Best two-year tracker mortgages
60%
Barclays
65%
5.15%
£999
6.99%
60% fee free
Principality Building Society
N/A
5.50%
£0
7.10%
75%
HSBC
65%
5.29%
£999
6.99%
75% fee free
Principality Building Society
N/A
5.55%
£0
7.10%
90%
RECOMMENDED PROVIDER
Skipton Building Society
78%
5.90%
£995
6.24%
90% fee free
NatWest
70%
6.13%
£0
7.99%
Table notes:Data from Moneyfacts, correct as of 28 August 2024. Customer scores are based on a survey of 3,450 members of the public in July 2023 and combine overall satisfaction with likelihood to recommend the provider. The average customer score is 70%. To become a Which? Recommended Provider a lender must get a top customer score, consistently offer competitive deals and be fully covered by the Financial Conduct Authority banking standards regime. 'Revert rate' is the standard variable rate (SVR), which is the mortgage rate you'd be transferred onto when your deal ended if it remained unchanged between now and then.
Which are the best mortgage lenders?
It's important to consider the quality of the lender behind your chosen deal. After all, a low interest rate is great, but if it's coming from a lender that won't answer your calls when you have questions, is it worth the saving?
Every year, Which? surveys thousands of homeowners about their mortgage lender, and combines the results with expert analysis to reveal the best providers for customer service, value for money and more.
The very best are Which? Recommended Providers, which means a mortgage lender:
Has achieved a top customer score in our customer satisfaction survey
Consistently offered table-topping mortgage deals over various product types
Is fully covered by the Financial Services Compensation Scheme and Financial Conduct Authority banking standards regime.
Mortgages can differ in countless ways, meaning it can be really tricky comparing deals. Here are some tips to make it easier.
Work out your LTV
Loan-to-value (LTV) is the ratio of mortgage to property value, expressed as a percentage.
For example, if you're buying a £500,000 property with a £50,000 (10%) deposit, you'll need a 90% LTV mortgage.
Similarly, if you need to remortgage and your home is worth £500,000 and you estimate you have built up £100,000 in equity, you'll need an 80% LTV mortgage.
Once you know what LTV you'll need to borrow, you can filter out the vast array of deals.
Mortgages tend to be categorised according to the way their interest rate works, and most people pick one of the following two mortgage types:
Fixed-rate mortgages The interest rate remains the same for a set period – typically two or five years.
Tracker mortgages The interest rate is calculated as a certain percentage above the Bank of England base rate for a certain period.
Compare interest rates
When you're comparing mortgages, the interest rate is one of the most important factors. It can make a huge difference to your monthly and annual payments, as our mortgage repayment calculator shows.
Usually, a lower interest rate will save you money, but the size of the fee can also impact the overall cost of a deal.
Factor in mortgage fees
Interest rates aren't the only thing you'll need to consider when comparing mortgage deals. Fees can make a big difference, too, and there are several different types you should watch out for:
Arrangement fees Sometimes known as booking or product fees, these are paid to the lender for setting up your mortgage. They vary between mortgage providers, ranging from free to £3,000.Some lenders charge a percentage of the amount you're borrowing rather than a flat fee.
Valuation fees Your lender will need to conduct a valuation to check the property is worth roughly what you want to pay for it. This is just to protect them, not you, and some won't even show you the results, but they will often still expect you to pay for it.
Legal fees These fees are charged to sort out the legal particulars when setting up a new mortgage or switching deal.
Some lenders offer fee-free deals, but the mortgages with the cheapest interest rates usually come with hefty upfront fees.
Instead of paying your mortgage fees upfront, you may have the option of adding them to your loan. This can be a helpful option if you're low on cash, but it will result in you paying interest on these fees over time.
Check for early repayment charges (ERCs)
If you leave a mortgage during the introductory deal period, or pay back more than the Mortgage overpayment calculator limit (usually 10% per year), you might be charged an early repayment charge (ERC).
ERCs can be as much as 5% of the balance in the first year of your mortgage, before dropping each year thereafter.
The penalties are generally charged on fixed-rate mortgages of five years or longer, and they mean that if you decide to pay off the mortgage early (including by moving home and taking out a new mortgage), you may need to pay thousands in charges.
So if you think you might want to move house in the next few years, consider playing it safe by choosing a deal with no ERCs.
You can sometimes avoid ERCs by getting a portable mortgage, which you can take with you when you move home, but bear in mind your old mortgage might not be the most suitable for your new property.
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Try using a mortgage broker
If you're unsure about which type of deal to go for, a mortgage broker will be able to analyse deals based on their true cost, taking into account rates, fees and incentives.
Be aware that some mortgages are only available to people applying directly (without a broker), while for other deals the opposite is true and you'll only qualify if you apply through a broker.
To complicate matters further, some mortgage brokers just work with a select panel of lenders, meaning they won't be able to tell you about deals from other lenders that could be cheaper.
If you want to make sure you're really getting the best deal, it's advisable to use a 'whole-of-market' broker who will be able to look at every mortgage on the market (including direct-only ones) and recommend the right option for you.
Find the right mortgage product using the service provided by L&C Mortgages
Mortgage rates FAQs
Have a burning question about mortgages? We cover the most common ones here.
What will happen to mortgage rates over the coming months?
On 1 August, the Bank of England voted to reduce its base rate from 5.25% to 5%, the first change to the rate in nearly a year.
There had been hopes of a base rate cut earlier this year, but this was delayed due to stubbornly high inflation.
The base rate can have a significant impact on the mortgage market. This reduction could bring greater confidence and result in mortgage lenders reducing their rates, a trend that we've already started to see in recent weeks.
However, we're likely to need further cuts to the base rate before mortgage costs drop significantly.
Borrowers most commonly fix for either two or five years. Five-year deals were once significantly more expensive, but in most instances, it's now actually cheaper to fix for longer.
Many borrowers are gambling on interest falling. Should rates be lower in two years' time, they will then be able to remortgage on to a cheaper deal. But there's no guarantee that this will happen as the past couple of years have proven how volatile interest rates can be.
Securing your rate for longer is a good idea for those who want a sense of security and the peace of mind that they won't need to get a new deal in the short-term future.
They usually come with higher early repayment charges, meaning you could be charged thousands of pounds if you decide to repay the mortgage early (for example, if you move home and don't transfer or port the mortgage to the new property).
With this in mind, it's important to think of your own medium and long-term plans before settling on a fixed term.
If you're undecided between a short or longer-term fix, you could always go down the middle and explore the deals available on a three-year term.
Does a lower rate always mean a cheaper deal?
We've listed the deals with the cheapest initial rates. This gives a good indication of the rate you might be able to get, depending on the size of your deposit, but before choosing a deal, you'll also need to factor in upfront fees.
Some lenders charge fees as high as £2,995 on their lowest-rate deals. By charging higher fees, lenders can offer better rates and recoup the shortfall elsewhere.
You'll usually need to pay a premium of 0.2%-0.5% to get a fee-free deal. Sometimes, this can pay off. For example, if you can get a mortgage at 5.5% with a £999 fee, or 5.6% with no fee, the latter will be cheaper over the fixed term.
Why does the revert rate matter?
Our tables show the 'revert rate' for each of the best deals. This is the standard variable rate (SVR), which is the mortgage rate you'll be transferred on to when your deal comes to an end.
The SVR is a default rate set by individual lenders and it's almost always considerably more expensive than the rate you'll have been paying. The average SVR is currently above 8%.
You can avoid going on to the SVR by arranging to remortgage when your deal is coming to an end. You could either find a new deal with your existing provider or switch to a different one.
When you compare mortgages online, you'll usually see a column called APRC.
A mortgage deal's annual percentage rate of charge (APRC) is a calculation of how much you'd pay if you stuck with the deal for its entire term (for example, 25 or 30 years) until you've paid off the mortgage in full.
This means that the APRC incorporates the initial rate and fees, but also the standard variable rate (SVR), which you'd be moved on to at the end of the initial deal period.
While it can be interesting to see how deals compare on this measure, the APRC won't be that useful if you're planning to remortgage when your initial period ends – which you almost always should.
Should you pick a mortgage offering cashback?
Some lenders offer cashback and other incentives to make their deals more attractive to potential customers, but you should always weigh up whether a quick injection of cash is worth it if it means paying back more overall.
The sums on offer are unlikely to make a significant difference in the long run, so you should consider cashback a 'nice to have' on a mortgage rather than a reason for choosing a specific deal.
Banks vs building societies: which offers the best rates?
When it comes to mortgage-hunting, many people start by talking to their own bank, but it would be a lucky (and unusual) coincidence if that was where the best deal was to be found.
In fact, it's often not banks offering the best deals at all, but building societies – and they're sometimes ones that you won't see on your local high street.
So, to get a full picture of the deals on offer, you really should include building societies in your search.