Best mortgage deals 2023 UK: Rates for first-time buyers, fixed-term and tracker mortgage deals

The housing market has been hugely impacted by the rise in interest rates in the past year, meaning many Brits are struggling to pay their mortgages or get on the housing ladder due to spiraling costs.

Research published in the Cost of Living report by UK savings site Vouchercodes.co.uk in August 2022 found that 11 per cent of potential buyers had to push back plans to buy a home by at least one year, while almost a third (29%) of prospective home buyers in the UK said they cannot afford to buy a home.

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Thankfully, mortgage rates have started to fall from the highs we saw after the government announced its mini-budget in September, meaning rates below five per cent are common, and buyers may even be able to find some sub-4% deals. However, the cheapest deals are still five times the record lows of 0.79% recorded in late 2021.

READ: 28 easy tricks to make your home sell fast without spending a penny

So who has the best mortgage deals at the moment? We’ve rounded up some of the best mortgage rates available right now, but note that while these figures are correct at the time of writing, there’s no guarantee the specific deals will remain available longer-term. Working with a mortgage broker will help to provide you with the best current deals for your situation.

All deals are calculated based on the average UK house price of £290,000 with a mortgage term of 25 years.

Best mortgage deals for first-time buyers

First-time buyers looking for a mortgage may be able to take advantage of special deals or schemes allowing them to purchase a property with less than the standard ten per cent deposit. These first-time buyer mortgage deals, or 95% mortgages, allow buyers to invest in a property with a deposit of five per cent of the purchase price.

READ: Discover the most affordable UK cities for first-time buyers

© Photo: iStock

Best 95% LTV/ first-time buyer fixed-rate mortgage deals

Best fixed-rate mortgage deals in the UK

Fixed-rate mortgages can be appealing to buyers, as they mean that your mortgage rate will not change for a set period of time – from as little as two years to as many as ten years. The rates will also vary depending on the size of your deposit.

The rates below are based on a 60%, 80% and 90% loan-to-value purchase of a property that costs £290,000 where the mortgage is taken over 25 years.

Best 2 year fixed-rate mortgage deals

Best 5 year fixed-ra​​​​te mortgage deals

Best 10 yea​​​​r fixed-rate mortgage deals

Best tracker mortgage deals in the UK

A tracker mortgage, or variable rate mortgage, means that your monthly mortgage payment can fluctuate along with your interest rate. This can be a good thing for homeowners when reduced rates occur, but may also mean that your monthly payments increase at times that interest rates rise.

MORE: Phil Spencer’s insider tips on how to haggle on your house purchase

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Discover the best two and five year tracker rate mortgage deals below. As above, these rates apply to 60%, 80% and 90% loan-to-value purchases of a property that costs £290,000 where the mortgage is taken over 25 years.

Best 2 year tracker mortgages in the UK

Best 5 year tracker mortgages in the UK

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