We obtained data from our mortgage partner Better.co.uk, showing which lenders have offered the lowest rates on five-year fixed rate mortgage deals over the last three months. We used the median average cost across all deposit levels (data correct as of 3 July 2023).
To arrive at our Forbes star rating, we also considered average mortgage approval times (from submission to offer) over the last three months and customer experience scores as determined by independent data provider, Fairer Finance (correct as of 3 July). Mortgage offers at all lenders listed are valid for six months.
Bear in mind that these figures are just averages. Exact costs of any mortgage will vary according to your deposit level (or equity you have in your property), credit score, and whether you opt to pay a fee to access a cheaper rate.
Mortgage rates and offers also change frequently – lenders that have presented the best value over the last three months may not present the best value in the next three months.
A mortgage broker, such as Better.co.uk, can provide guidance on which options make the most sense for your circumstances.
*Average mortgage costs can vary between sources depending on how the data is gathered. Better.co.uk’s data refers to the average cost of the primary fixed rate mortgage recommendation that is issued to applicants based on their circumstances from its 100-plus panel of lenders.
The data counts remortgage and purchase loans but excludes SVRs, adverse credit, self-build and shared ownership. Data is collected at the end of each business day. Better.co.uk targets applicants with a good credit history.
Lower loan-to-values (under 85%) account for a significant portion of its business which can translate into cheaper loan rates. Its average fixed rate costs may therefore appear lower than some others quoted on the market.
