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Mortgage lenders have lowered the cost of their cheapest rates over the last few weeks as they aim to end the year on a high.

Clydesdale Bank is topping the mortgage best buy tables with a leading 1.19% purchase and remortgage rate fixed until 31 January 2023. Applicants will need a 25% deposit to qualify, and the arrangement fee is £1,999. The APRC is 4%, and the rate reverts onto the lenders 4.55% standard variable rate unless borrowers act to switch deals.

Clydesdale's sister company Virgin Money is offering a great longer-term remortgage rate at 1.29%, which is fixed until 1 March 2026 and it has a 3.1% APRC. Applicants will need a 35% deposit to qualify, and there is a £1,495 arrangement fee. The maximum loan size is £1 million, and the mortgage reverts onto the lenders 4.34% standard variable rate.

Aaron Strutt, product director at Trinity Financial, says: “Many borrowers are looking to take advantage of the tax-break on house purchases and there is pressure across the mortgage industry to produce prompt mortgage offers. 

"Clydesdale has launched a new service commitment where the bank is offering to provide customers with £200 cashback if a mortgage offer is not provided by Friday 29th January when a correctly submitted mortgage application is submitted between the 14 December 2020 and 15 January 2021."

A typical purchase case can complete within eight weeks of receiving a mortgage offer so a service commitment gives customers some confidence they should receive their offer with enough time to complete on their purchase.

Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation

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