Compare Mortgages in United Kingdom
Compare the top mortgages providers in United Kingdom — see cover, features and typical rates side by side.
Live offers
- first direct Mortgage
- Coventry Building Society Mortgage
- Barclays 5-Year Fixed Mortgage UK
- Virgin Money Mortgage
- NatWest 5-Year Fixed Mortgage UK
What is a mortgage in the UK?
A mortgage is a loan secured against a home, repaid in monthly instalments over a term that typically runs 25 to 40 years. In the UK the vast majority of borrowers take a repayment mortgage, where each payment chips away at both the interest and the capital, so the debt clears by the end of the term. Interest-only mortgages still exist but are now mostly limited to buy-to-let and higher-net-worth lending.
What makes the UK market distinctive is the short introductory deal period. Rather than one rate for the life of the loan, borrowers usually fix or track for two, three or five years, then remortgage onto a new deal to avoid slipping onto the lender's standard variable rate (SVR).
How the UK mortgage market works
Rates hinge on your loan-to-value (LTV) ratio, the size of your deposit expressed as a percentage of the property price. A 60% LTV deal is far cheaper than a 90% or 95% one because the lender carries less risk. The Bank of England base rate feeds through to tracker and variable products directly, while fixed rates are priced off swap-market expectations of where rates are heading.
Since the post-2014 affordability rules, lenders stress-test your ability to keep paying if rates rise, and cap most lending at around 4.5 times income. Product fees, often £999 to £1,499, are common on the lowest headline rates, so the true cost blends the rate and the fee.
Choosing between fixed, tracker and long-term deals
Fixed rate — locks your payment for a set period, giving budgeting certainty but early repayment charges if you leave early.
Tracker — moves in step with the Bank of England base rate, cheaper when rates fall but exposed when they rise.
Long-term fixed — Perenna pioneered UK fixes of up to 30 years, removing remortgage risk entirely at the cost of a slightly higher starting rate.
Offset — links savings to the mortgage so you pay interest only on the net balance.
Leading UK mortgage lenders
The high street heavyweights dominate: Halifax (part of Lloyds Banking Group), Nationwide, NatWest, Santander UK, Barclays, HSBC UK and Lloyds Bank collectively hold most of the market. Nationwide, as the largest building society, is a mutual owned by its members. Perenna is a newer entrant offering flexible long-term fixed rates aimed at borrowers who want certainty and, in some cases, higher borrowing multiples.
What it costs
Introductory rates in the current market broadly sit in the region of 4.09% to 4.59% depending on LTV, term and fees, with the sharpest deals reserved for large deposits. On top of the rate, budget for arrangement fees, a valuation, conveyancing and, in England, potential Stamp Duty Land Tax. Missing the end of a deal period matters: SVRs are frequently several percentage points higher than a new fixed rate.
Protections and regulation
Mortgages are regulated by the Financial Conduct Authority (FCA), with prudential oversight of lenders by the Prudential Regulation Authority (PRA). Advice must be suitable for your circumstances, and complaints can be escalated free of charge to the Financial Ombudsman Service (FOS). If you fall into difficulty, lenders must follow FCA forbearance rules before any repossession, which is treated strictly as a last resort.
Common questions
Should I use a broker? A whole-of-market broker can access deals not sold direct and handle the paperwork; some charge a fee, others are paid by the lender.
How much deposit do I need? Typically at least 5%, though 10% to 25% unlocks materially better rates.
Can I overpay? Most deals allow overpayments of up to 10% of the balance each year without penalty, which can shorten the term significantly.
What is a mortgage in principle? A lender's provisional indication of how much you could borrow, useful when house-hunting, though it is not a formal offer.
Can I port my mortgage? Many deals are portable, letting you move the same rate to a new property if you move home during the deal period.
Mortgages in United Kingdom — FAQ
What mortgage rate can I get in United Kingdom right now?
Giraffy tracks 5 mortgage products across first direct,Coventry Building Society,Barclays,Virgin Money,NatWest lenders in United Kingdom. Use the sort and filter controls to compare fixed versus variable rates and initial deal lengths.
What is the difference between a fixed-rate and a variable-rate mortgage?
A fixed-rate mortgage locks your interest rate for a set period — typically 2, 5, or 10 years — giving payment certainty. A variable rate moves with the central bank benchmark rate set by the Financial Conduct Authority (FCA). Fixed rates suit those who want stability; variable suits those who expect rates to fall.
How much can I borrow with a mortgage?
Most lenders apply an income multiple — typically 4–5× your gross annual income for a conventional mortgage. Affordability assessments also factor in outgoings, existing debts, and the property's loan-to-value (LTV) ratio. A mortgage adviser or broker can run a full affordability assessment for free.
What is LTV (loan-to-value) and why does it matter?
Loan-to-Value (LTV) is the mortgage amount as a percentage of the property's value. A 90% LTV means you're borrowing 90% and putting down 10% as a deposit. Lower LTV means less risk for the lender — you'll typically be offered a lower interest rate with a deposit of 20–25% or more.
How long does mortgage approval take?
An indicative approval can usually be obtained the same day online. Full mortgage approval — after property valuation and underwriting — typically takes 2–6 weeks. Having all your documents ready (pay stubs, bank statements, ID) speeds up the process significantly.
Are there Islamic home-finance products available in United Kingdom?
Sharia-compliant home-finance products structure the transaction without interest, typically through Murabaha (cost-plus financing) or Ijara (lease-to-own) arrangements. Check with individual lenders for availability in your market.
What fees are charged to set up a mortgage?
Lenders often charge arrangement, origination, or application fees to set up a mortgage — amounts vary by lender and market. You can usually add them to the loan, but you'll pay interest on them for the full term. For large loans, a higher-fee/lower-rate deal may be cheaper overall — compare total cost over the initial fixed period.