Best mortgage rates (March 2020)

Compare the best mortgage rates this month and find the best mortgage for you. Whether you want to know average interest rates or the best 5 year fixed mortgage rates, we've got it here, with our rates tables, calculators and access to fee-free expert advice

Finding the best mortgage rates in a sea of mortgage deals is hard work. So every month we’ll be showcasing the best deals for you, with input from the mortgage experts at L&C.

Finding the best mortgage rate is critical as it will determine how much you can afford to borrow, how much your monthly repayments are and is ultimately about securing one of your most basic needs – a roof over your head.

What’s happening with mortgages rates this March

Interest rates remain at low levels and with competition between lenders strong the options for mortgage borrowers look to be as good as they’ve ever been.

Mortgage rates are incredibly low across the board with fixed rates continuing to attract the majority of homeowners’ business.  Approvals for house purchase have increased in January to the highest level since 2016 according to the latest Bank of England statistics, an indication that confidence has picked up following the lifting of some of the uncertainty in the run up to the election and Brexit.

There’s therefore some real cost savings for borrowers who shop around and make sure that they are on the best rate available.

Get fee-free mortgage advice. Start the process online or on the phone with our partners at L&C 

What’s new this month?

There’s been some innovation as well. Hinckley & Rugby is now able to offer split terms on a mortgage, which could help where an older parent is borrowing with their child.  That can allow some of the mortgage to remain on a longer term whilst the remainder can be tailored to a shorter term to take account of the parent’s retirement age for example.

Elsewhere Kensington has introduced a green mortgage which gives a cashback to homeowners that make improvements to the energy efficiency of their homes. That can be demonstrated through an Energy Performance Certificate within the first 12 months to qualify for the cashback.  With climate change high on the agenda we may see more green mortgage options come onto the market.

Help finding the best mortgage rates

Whether you’re looking for a first mortgage, a buy to let mortgage or want to see if you can get a better deal by remortgaging, use the charts below to browse mortgage rates online.

Browse mortgage rates

Take a look at today’s best rates from lenders and get an overview of mortgage options now.

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See all best rate mortgage deals

Your home or property may be repossessed if you do not keep up the repayments on your mortgage.

Representative example A mortgage of £204,302 payable over 23 years, initially on a fixed rate until 31/12/24 at 1.56% and then on a variable rate of 5.05% for the remaining 18 years would require 62 payments of £881.42 and 214 payments of £1,168.08. The total amount payable would be £305,690 made up of the loan amount plus interest (£100,315) and fees (£1,073). The overall cost for comparison is 3.6% APRC representative.

What are mortgage rates?

Mortgage rates are the rate of interest charged by a mortgage lender (bank or building society). The interest is charged by the lender as compensation for the money they have lent them in order to purchase a property.

Interest rates are determined by the lender in most cases, and can be either fixed (ie remain the same for the term of the mortgage) or variable (where they fluctuate with a benchmark interest rate). Before you compare mortgages, you need to understand the different types. For more information see what type of mortgage should I get?

Help finding the best mortgage deal

The best mortgage deal isn’t just about interest rates. You need to consider whether the mortgage term is right for you, arrangement fees and more.

To get a better idea of the best mortgage for you, use our online mortgage service provided by the fee-free mortgage broker L&C.

L&C can compare the latest mortgage deals for you over the phone, or you can do it yourself in real-time online. Whichever you choose they can help search the market to find you the best mortgage deal, see if you qualify and even help you apply online, doing all the legwork to get you your mortgage offer.

Handy tools and calculators

Here’s a selection of practical gadgets and tools to help keep things simple.