Mortgage Rates UK: 11 November 2024: Best Two-Year Variable Mortgage Deals by Monthly Repayment
Mortgage Rates UK: 11th November 2024: Best Two-Year Variable Mortgage Deals by Monthly Repayment
Mortgage rates in the UK can fluctuate often, which is why it’s important to stay up-to-date on current rates and compare available options before committing to a mortgage. Whether you’re buying your first home, moving, or considering remortgaging, finding the right mortgage rate can make a big difference in keeping your costs low. Finance Monthly provides up-to-date mortgage information, enabling you to compare rates, monthly repayments, fees, and other details to help you make an informed choice.
Our mortgage comparison tool allows you to see a selection of competitive UK mortgage options available, including rates, repayment terms, and fees.
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More on Mortgages
Finance Monthly has carefully reviewed and compared the 10 lowest monthly repayment mortgages available in November 2024 for two-year variable rate options. By focusing on the most affordable payment amounts, we've identified competitive choices for borrowers seeking flexibility and cost-effectiveness. This selection highlights the top deals to help you make an informed decision on the mortgage that best suits your financial needs.
| Lender | Lender Name | Initial Rate | Monthly Repayments | Product Fees | Annual Cost | APRC | Max LTV | More Info |
|---|---|---|---|---|---|---|---|---|
 |
Furness | 5.24% initial rate 3.30% discount for 2 years then 8.54% (variable) |
£1,347.00 | £999.00 | £16,538.26 | 8.11% APRC | 90% | Check if you qualify |
 |
Halifax | 5.29% initial rate Base +0.54% to 31/03/27 then 8.24% (variable) |
£1,354.00 | £1,599.00 | £17,042.94 | 8.12% APRC | 90% | Check if you qualify |
 |
Hanley Economic | 5.30% initial rate 3.19% discount for 2 years then 8.49% (variable) |
£1,355.00 | £0.00 | £16,134.40 | 8.05% APRC | 90% | Check if you qualify |
 |
Furness | 5.39% initial rate 3.15% discount for 2 years then 8.54% (variable) |
£1,367.00 | £0.00 | £16,278.52 | 8.11% APRC | 95% | Check if you qualify |
 |
Cumberland | 5.44% initial rate 2.60% discount for 2 years then 8.04% (variable) |
£1,374.00 | £999.00 | £16,983.30 | 7.72% APRC | 90% | Check if you qualify |
 |
Cambridge BS | 5.49% initial rate 2.80% discount for 2 years then 8.29% (variable) |
£1,380.00 | £509.00 | £16,818.70 | 7.92% APRC | 90% | Check if you qualify |
 |
Leek BS | 5.55% initial rate 2.44% discount for 2 years then 7.99% (variable) |
£1,388.00 | £0.00 | £16,461.04 | 7.66% APRC | 90% | Check if you qualify |
 |
Tipton & Coseley | 5.59% initial rate 2.85% discount until 31/12/26 then 8.44% (variable) |
£1,394.00 | £275.00 | £16,863.34 | 8.06% APRC | 90% | Check if you qualify |
 |
Hanley Economic | 5.59% initial rate 2.90% discount for 2 years then 8.49% (variable) |
£1,394.00 | £0.00 | £16,600.84 | 8.10% APRC | 95% | Check if you qualify |
 |
Suffolk BS | 5.60% initial rate 2.84% discount for 2 years then 8.44% (variable) |
£1,395.00 | £1,378.00 | £17,431.04 | 8.08% APRC | 95% | Check if you qualify |
Consider carefully before securing other debts against your home. Your home may be at risk of repossession if you fail to maintain repayments on a loan or any other debt secured against it.
How to Find the Best Mortgage Rates and Deals
Mortgage rates vary widely based on the type of mortgage, your financial profile, and credit score. Securing the best rate for your circumstances means comparing rates across mortgages that align with your needs. While a low rate is crucial, it’s also important to consider fees and the specific features of each mortgage deal. These factors play a significant role in determining the true cost and suitability of your mortgage.
If you're unsure or want help finding the most appropriate mortgage for your situation, seeking professional mortgage advice is recommended.
Related: Current UK Mortgage Rates for First-Time Buyers: 5-Year Fixed Deals with a 10% Deposit
Related:Bank of England Cuts Interest Rates to 4.75% to Stimulate Slowing Economy
Are Mortgage Rates Going Down?
Mortgage rates have seen mixed trends recently. While some major lenders, like Coventry Building Society, Halifax, and Virgin Money, have increased rates, others like Santander have introduced rate cuts. Currently, NatWest offers the lowest five-year fixed-rate mortgage at 3.84%, while Santander and Barclays lead on two-year fixed-rate mortgages at 3.96% (note: Barclays’ rate of 3.96% is exclusive to Premier customers; for other customers, it’s 3.99%).
On average, two-year fixed-rate mortgage costs have risen to 4.95% (up from 4.91% a week earlier), and five-year fixed-rate mortgages have increased to 4.70% (up from 4.64%). However, some rate cuts have occurred, notably on two-year fixed rates requiring a 40% deposit. These figures, sourced from Rightmove, reflect mortgage activity as of early November 2024.
While a trend towards lower rates was anticipated, recent economic pressures from the Autumn budget and US election have kept rates high. However, borrowers with tracker and variable rate mortgages may benefit, as the base rate was recently reduced to 4.75%. This change could save a borrower with a £200,000 tracker mortgage nearly £30 per month.
What Are Current UK Mortgage Rates?
As of early November, average mortgage rates for two-year fixed deals with a 40% deposit have slightly decreased to 4.10%. Five-year fixed rates for the same deposit level have also dipped, now averaging 4.02%. Meanwhile, rates for smaller deposits have seen increases. For example, the average two-year fixed rate for a 10% deposit has risen to 5.37%, and the five-year equivalent is now 4.94%. (Data sourced from Rightmove, accurate as of 7 November 2024.)
Related: UK Housing Market Sees Homes Selling Quicker in October 2024
Latest Average Mortgage Rates (as of 7 November 2024)
Two-Year Fixed-Rate Mortgages:
| Loan to Value (LTV) | 31 Oct 2024 | 7 Nov 2024 | Weekly Change |
|---|---|---|---|
| 60% LTV | 4.17% | 4.10% | -0.07% |
| 75% LTV | 4.69% | 4.68% | -0.01% |
| 85% LTV | 4.93% | 4.97% | +0.04% |
| 90% LTV | 5.35% | 5.37% | +0.02% |
| 95% LTV | 5.56% | 5.60% | +0.04% |
Five-Year Fixed-Rate Mortgages:
| Loan to Value (LTV) | 31 Oct 2024 | 7 Nov 2024 | Weekly Change |
|---|---|---|---|
| 60% LTV | 4.04% | 4.02% | -0.02% |
| 75% LTV | 4.46% | 4.51% | +0.05% |
| 85% LTV | 4.66% | 4.74% | +0.08% |
| 90% LTV | 4.89% | 4.94% | +0.05% |
| 95% LTV | 5.23% | 5.27% | +0.04% |
Data sourced from Rightmove and reflects 95% of the mortgage market, based on products with an average fee of £999.
