Best mortgage rates of April 2025

Selecting a mortgage can seem overwhelming, particularly for first-time buyers unfamiliar with the process or existing homeowners facing the prospect of higher bills if mortgage rates are higher than when they bought their property.

Borrowers will be keen to find the cheapest possible option that meets their needs but may also have preferences over lender or struggle to meet requirements at some banks.

After years of rock-bottom rates, mortgage rates have been unstable over the past couple of years, so it is important to research what the options are and what will work best for you and your financial situation.

Today, Telegraph Money unveils the best residential mortgage rates available now, suitable for both purchasing a new home or refinancing, catering to those with specific preferences. resolve or prefer a floating-rate agreement . These rates refresh every day, from Tuesday to Saturday.

If you are a landlord, here are the best buy-to-let mortgage rates .

• What methods do we use to identify the top rates?
• The best mortgage rates
• The best remortgage deals
• Expert opinion: What to consider when choosing a mortgage
• FAQs

How we determine the best rates

The Best Buy tables highlight the most competitive mortgage rates currently accessible in the broader marketplace. It’s important to note that some offers might not be included here; these include deals exclusive to local branches or current clientele, financing options for individuals utilizing governmental assistance programs, homes boasting superior energy efficiency standards, as well as products offered exclusively through particular brokerage services.

The data is provided by mortgage lenders and verified by Koodoo, the trading name of Mortgage Power Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 845978) on a non-advised basis. The tables update daily between Tuesday and Saturday.

Rates are representative for a £150,000 loan value, £275,000 property value and 25-year term. Try Koodoo’s comparison tool to see if better deals are available for your circumstances .

The information in this article is intended for information purposes and should not be taken as endorsement or advice. Your property may be repossessed if you do not keep up repayments on your mortgage.

The best mortgage rates of April 2025

These “purchase” rates are for those buying a new property, such as a first-time buyer or a second stepper upgrading to a family home. Those looking for a new deal in their current home need a “remortgage” deal and we show the best rates further below.

Best two-year fixed-rate mortgages

Best five-year fixed-rate mortgages

Best 10-year fixed-rate mortgages

Best variable-rate mortgages

Best remortgage deals of April 2025

Homeowners who need to remortgage their home Different interest rates will be provided to repeat customers compared to those purchasing their first home or moving to a new one who require a "buy" mortgage. These offers are particularly advantageous for homeowners planning to remain in their current property.

Top two-year fixed-rate mortgage deals

Top five-year fixed-rate mortgage options

Best 10-year fixed-rate mortgages

Best variable-rate mortgages

Specialist view: Factors to weigh when selecting a mortgage

Elements influencing your mortgage interest rate

Chris Sykes, a mortgage consultant at Private Finance, stated, "First-time homebuyers should particularly comprehend the tiering system used in mortgage interest rates." Various elements can influence the rates offered to an individual. As an illustration, those who are self-employed or earn significant portions of their income through bonuses might find themselves unable to secure the most favorable terms.

The amount of your initial deposit significantly influences the interest rates offered by lenders. Typically, for each extra 5% deposit you contribute, you receive a more favorable rate. Additionally, extending the duration of your mortgage reduces your monthly obligations. However, consider whether you wish to still be burdened with these payments when reaching your 70s," stated Mr. Sykes.

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How to choose the right term

If you want flexibility and don’t want to lock in a long-term rate – for example, if you plan to sell up or believe interest rates will fall – then a two-year fixed-rate mortgage might be for you. If you want to protect yourself from the turbulence of interest rates for longer, or you think they might rise, then guaranteeing a rate for five or even 10 years could be a better option.

A variable-rate mortgage might suit you if your plans don’t suit committing to a fixed-term deal (perhaps you’re planning to move house soon, for example), or if you think you could get a cheaper deal than fixes can offer – for example, opting for a variable tracker mortgage ahead of Bank Rate cuts.

Alex Ogario, of Knight Frank, said: “Compared with a two-year fixed rate, a five-year fixed product will tie you in for longer. However, you’ve secured a rate for that time. So if you want to have more stability, do not need more flexibility and don’t want to be exposed to interest rate volatility for this period, then it might be a good idea to lock in a rate now and not have the risk for the next five years.

Nevertheless, both shorter and longer fixed-term options are accessible, making it worthwhile to seek out an arrangement that precisely matches your particular requirements.

The decision between opting for a two-year or a five-year fixed-rate typically hinges on an individual's tolerance for risk. While some prefer avoiding exposure to fluctuations, others aim to maintain adaptability and adjust their strategy when necessary. This selection process doesn't follow a universal approach; instead, it varies based on factors like the desire for flexibility and predictions about upcoming shifts in interest rates.

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Mortgage rates FAQs

Could a broker assist me in securing a more favorable mortgage?

Mortgage brokers can assist you in securing a more favorable mortgage because they typically have access to lower rates than what you might find independently.

They can also alleviate some of the stress involved with buying a house. If you’re self-employed or are struggling to find a lender who will approve your application, it might be a good idea to speak to a broker.

Mr Ogario said: “With the volatility and uncertainty that we’re seeing in the market, people should be doing their due diligence more than ever and taking advice from experienced and qualified experts.

“Don’t go to the shop without your wallet, which means don’t find a property without having done any research on finance. Often our most successful and sophisticated clients from a financial perspective are the ones who ask the most questions.”

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What is the minimum salary to get a mortgage?

There isn’t a set minimum salary required for obtaining a mortgage; however, your earnings play a crucial role in determining how much you can borrow. Lenders aim to confirm that you can manage the payments. Typically, they may permit borrowing up to 4.5 times your yearly income, though some might offer even higher limits.

Keep in mind that income isn't the sole criterion; your deposit and expenditures also play a role.

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