London-based mortgage brokers with a track record of providing expert mortgage advice

NatWest and HSBC are the latest major mortgage lenders to improve their rates, providing some welcome relief for homebuyers and borrowers looking to remortgage.

The latest cuts mean more banks and building societies are offering fixed-rate mortgages below 5%, although borrowing costs remain higher than many customers would like.

After several weeks of rising mortgage rates, competition between lenders appears to be increasing again. NatWest, HSBC and other banks are lowering selected rates, with further announcements potentially on the way.

Mortgage lenders are approaching the end of the year, and while wholesale funding costs have increased, they still need to attract new business and build their lending pipelines for a strong start to 2027.

Slower housing market conditions could also encourage more competitive mortgage pricing.

NatWest returns to the sub-5% fixed-rate mortgage market

NatWest is reducing selected mortgage rates, with its new deals including a sub-5% five-year fix. The changes mean NatWest is rejoining the relatively small group of major lenders offering fixed-rate mortgages below 5%.

These changes are welcome news for borrowers searching for competitive mortgage deals, although rates remain considerably higher than many homeowners had hoped to pay.

HSBC mortgage rates set to fall below 5%

HSBC is also cutting selected mortgage rates from Thursday 15 October.

Before the changes, HSBC's lowest rates included two-year fix and five-year fix just over 5%.

Although HSBC has not confirmed the exact reductions in advance, its latest announcement suggests its most competitive mortgage rates could move back below 5%, particularly for borrowers with larger deposits or substantial equity.

The bank is reducing selected residential and buy-to-let mortgage rates, which should also provide more options for landlords.

Which mortgage lenders are offering the cheapest fixed rates?

Several leading mortgage lenders are competing for borrowers with larger deposits, particularly those requiring mortgages at 60% loan-to-value.

Examples of competitive mortgage rates include:

HSBC rates shown before its announced reductions. Rates are subject to eligibility, deposit requirements and product fees..

Barclays still offering a sub-4% two-year tracker mortgage

While fixed rates have been attracting attention, tracker mortgages remain significantly cheaper in some cases.

Barclays continues to offer a two-year tracker mortgage at just below 4%, which could appeal to borrowers comfortable with variable monthly repayments.

Trackers may be particularly attractive to borrowers with larger deposits who do not want to lock into a fixed rate for two or five years.

However, tracker mortgage rates can increase if the Bank of England raises its base rate, making them less suitable for borrowers who require certainty over their monthly payments.

Will mortgage rates continue falling towards the end of 2026?

The latest reductions are encouraging, particularly after the sharp increases in fixed mortgage rates during September.

However, the outlook remains uncertain. Higher wholesale funding costs, speculation about further Bank of England base rate increases and the ongoing conflict involving Iran continue to create challenges for mortgage pricing.

Competition may still encourage lenders to reduce selected rates, particularly if housing market activity remains subdued.

There are now numerous mortgage products available at rates well below 6%, but a sustained return to significantly cheaper fixed-rate mortgages is far from guaranteed.

Trinity Financial mortgage market comment

Aaron Strutt, Product Director at Trinity Financial, says: "We knew a few lenders were preparing to reduce their mortgage rates this week, and there may well be further announcements following these price cuts.

"It has been unusually quiet in the mortgage market recently, with fewer changes from the big banks and building societies. The latest reductions from NatWest and HSBC are certainly a step in the right direction.

"We are getting closer to the end of the year, and although funding costs have clearly increased, mortgage lenders still need to issue loans and build their pipelines for a strong start to 2027.

"Hopefully, increased competition and slower housing market conditions will encourage more lenders to cut their rates.

"While it is encouraging to see more fixed-rate mortgages below 5%, these deals are still much more expensive than many borrowers would like. With uncertainty surrounding interest rates and international events, it is difficult to predict how much cheaper mortgages will become."

Looking for the cheapest mortgage rates?

Trinity Financial's mortgage brokers compare rates from major banks, building societies and specialist lenders to help borrowers find competitive mortgage deals.

Whether you are buying your first home, moving property or remortgaging, our brokers can assess fixed and tracker mortgage options, including preferential deals for higher earners and borrowers requiring larger mortgage loans.

Speak to a Trinity Financial adviser today

The mortgage market moves fast — and the right advice can make a significant difference to the rate and deal you secure. Get in touch with our team to discuss your options.

Call Trinity Financial on 0808 1642174 to secure a fixed or tracker rate mortgage, book a consultation, or use our appointment calendar

The information contained within was correct at the time of publication but is subject to change. It is for general information purposes and is not advice.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage

Halifax is the latest major mortgage lender to announce rate cuts, raising hopes that more banks and building societies will reduce their mortgage rates over the coming days.

Santander and Nationwide Building Society are currently among the most competitively priced lenders, with a growing number of fixed-rate mortgages available below 5% again.

Just a few days ago, it looked as though virtually all sub-5% fixed-rate mortgages would disappear following a succession of increases from the UK's biggest lenders. However, the market has changed direction, and at least six lenders are now offering selected fixed-rate deals below 5%, according to Trinity Financial's latest market review.

The sudden turnaround highlights how quickly mortgage pricing can change and why borrowers should continue monitoring rates, even after receiving a mortgage offer.

Halifax announces new mortgage rate reductions

Halifax has confirmed it will reduce selected two, three and five-year fixed-rate mortgages for first-time buyers and homemovers by up to 0.10 percentage points from Friday 9 October.

The reductions follow Santander's decision to lower selected fixed and tracker mortgage rates on Tuesday 6 October.

Halifax is also offering eligible Lloyds Premier customers a 0.20 percentage point discount on selected standard fixed rates, making some of its mortgages particularly competitive for higher earners.

Based on the rates currently available, eligible Lloyds Premier customers can access:

• Two-year fixed rate around: 4.90%

• Three-year fixed rate around: 4.85%

• Five-year fixed rate around: 4.9%

These rates could become even more attractive following the latest Halifax pricing changes, although the final rates will depend on which mortgage products are reduced.

Eligibility criteria, deposit requirements and product fees apply.

Santander brings back more sub-5% fixed-rate mortgages

Santander has also improved its mortgage pricing, with reductions across selected new business fixed and tracker deals from Tuesday 6 October.

The bank is offering some of the most competitive fixed rates, including:

• Two-year fixed rate around: 4.90%

• Three-year fixed rate around: 4.90%

• Five-year fixed rate around: 4.95%

Santander has also reduced selected tracker rates in its product transfer range, although some existing-customer fixed rates have increased.

Why are mortgage lenders cutting rates again?

Fixed mortgage rates are heavily influenced by wholesale funding costs, particularly swap rates, rather than simply following changes to the Bank of England base rate.

Following the sharp increases in mortgage pricing during September and early October, some lenders are now adjusting selected products to compete for new borrowers.

There is also speculation within the mortgage market that other major banks could announce reductions over the next few days.

While this is encouraging news, it does not necessarily mean mortgage rates will continue falling. Market conditions remain volatile, and banks can increase or reduce their pricing at relatively short notice.

Already have a mortgage offer? You could still secure a cheaper rate

One of the biggest mistakes borrowers can make is assuming that once they have received a mortgage offer, they cannot benefit from any subsequent rate reductions.

In many cases, a mortgage broker can request a lower interest rate from the same lender before the mortgage completes.

For example, a borrower who secured a five-year fixed rate at 5.20% may be able to switch to a newly introduced 4.90% product if their lender reduces its rates and they meet the relevant criteria.

This could save a substantial amount of money over the initial fixed-rate period.

The process varies between lenders, and a new product fee, updated offer or further checks may be required. However, it is worth investigating whenever cheaper rates become available.

Borrowers should also be aware that switching to another lender can involve a new application and additional costs, so the overall saving needs to be considered.

Aaron Strutt, Product Director at Trinity Financial, comments:

"The mortgage market has been incredibly volatile, and it is encouraging to see some of the big lenders reducing rates again.

"Just a few days ago, it looked as though virtually all the sub-5% fixed rates would disappear, but Santander, Halifax and Nationwide Building Society are offering borrowers some much-needed competitive options. NatWest also has some sub-5% mortgage options.

"There are rumours that more of the large banks are preparing to reduce their rates, so hopefully we will see further improvements over the coming days.

"This shows why it is so important to keep monitoring mortgage rates even after an offer has been issued. If a lender introduces a cheaper deal before completion, we can often request the lower rate for our clients.

"Borrowers could potentially save thousands of pounds over their mortgage deal simply because their broker continues monitoring the market."

How Trinity Financial helps borrowers secure competitive mortgage rates

At Trinity Financial, our mortgage brokers monitor mortgage rates across a wide range of banks, building societies and specialist lenders.

Whether you are a first-time buyer, moving home or remortgaging, we can help you compare fixed and tracker mortgages, assess lenders' affordability criteria and identify suitable products.

Importantly, our service does not end when your mortgage offer is issued. We can continue reviewing available mortgage rates before completion and investigate opportunities to switch to a cheaper deal where permitted.

Speak to a Trinity Financial adviser today

The mortgage market moves fast — and the right advice can make a significant difference to the rate and deal you secure. Get in touch with our team to discuss your options.

Call Trinity Financial on 0808 1642174 to secure a fixed or tracker rate mortgage, book a consultation, or use our appointment calendar

The information contained within was correct at the time of publication but is subject to change. It is for general information purposes and is not advice.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage

Are tracker mortgages cheaper than fixed rates? Why borrowers are looking at trackers again

Tracker mortgages are attracting more attention as fixed mortgage rates have risen. They are increasingly popular with homebuyers looking to lower their monthly costs, and with homeowners looking to avoid a repayment shock when they remortgage, even if it is on a variable basis and the rate could rise.  

After a series of fixed-rate increases, some of the UK's biggest mortgage lenders are offering tracker mortgages priced noticeably below their comparable two- and five-year fixed deals. In many cases, tracker mortgage rates are around 0.6 to 1.2 percentage points cheaper than fixed rates, depending on the lender, customer eligibility and mortgage product.

The most competitive tracker mortgages are often available to borrowers with larger deposits or higher levels of equity in their homes, typically because lower loan-to-value mortgages can attract cheaper pricing. Borrowers with a 25%, 40% or larger deposit may therefore find some of the biggest differences between tracker and fixed rates. 

Major lenders currently offering competitively priced tracker mortgages include Barclays, Halifax, NatWest, HSBC and Nationwide. 

For borrowers searching for the cheapest tracker mortgage, a two-year tracker mortgage, or wondering whether a tracker mortgage is better than a fixed mortgage, the pricing difference means trackers are increasingly worth considering, particularly if you don't need the security of a fixed deal, especially in these uncertain times.

How much cheaper are tracker mortgages than fixed rates?

Broadly speaking, some of the cheapest tracker mortgages from major banks are currently priced around 4%, while many competitively priced fixed mortgages are around 5% or higher. This means a £350,000 mortgage at 4% over a 30-year term on full capital repayment could cost £1,670.95 each month, rising to £1,878.88 each month on a 5% fixed rate. This difference is £207.93, and we calculated it using our mortgage calculator. 

Borrowers with larger deposits can often access the cheapest tracker pricing, although rates depend on the lender, loan size, property, income, and overall application. 

Based on current pricing, the approximate differences are:

Source: Trinity Financial. These are approximate comparisons based on mortgage pricing available in early October 2026. The lowest rates often target borrowers with larger deposits or more equity. Mortgage rates and lending criteria can change at short notice. 

This means borrowers could potentially start on a mortgage rate around one percentage point lower by selecting a competitive tracker rather than a fixed rate. However, the savings may well be temporary if the Bank of England base rate rises significantly. 

Any initial saving can become particularly significant on larger mortgages, especially where the borrower also has a sizeable deposit and qualifies for a lender's lowest loan-to-value pricing.

Barclays tracker mortgages

Barclays currently has one of the largest gaps between its tracker and fixed mortgage pricing.

For eligible Barclays Premier customers, its tracker is approximately 1.2 percentage points cheaper than its lowest two-year fixed rate and around 1.1 percentage points cheaper than its five-year fix.

The standard Barclays tracker available to non-Premier customers is still approximately one percentage point cheaper than the bank's lowest fixed rates.

The most competitive pricing will often be available to borrowers with lower loan-to-value mortgages and larger deposits.

Why does a larger deposit often get you a cheaper tracker mortgage?

Mortgage lenders generally price loans according to risk.

A borrower putting down a 35% or 40% deposit, for example, is asking the lender to finance a smaller proportion of the property's value than someone putting down 10%.

This lower loan-to-value can result in access to cheaper mortgage products.

That means borrowers with larger deposits, or homeowners with substantial equity when remortgaging, may be able to access some of the most competitive tracker mortgage rates in the market.

However, the lowest rate is not always the cheapest mortgage overall. Product fees, early repayment charges, valuation costs and the flexibility of the deal should all be taken into account.

Tracker mortgage or fixed mortgage: which is better?

There is no single answer.

A tracker mortgage may appeal to borrowers who:

• Have a larger deposit or substantial equity

• Want a lower initial mortgage rate

• Can afford their payments if interest rates rise

• Want the flexibility to switch mortgage products

• Have savings or surplus monthly income

• Do not want to lock into a fixed rate at current levels

A fixed mortgage may suit borrowers who value certainty and want to know exactly what their mortgage payments will be each month.

Aaron Strutt, Product Director at Trinity Financial, says:

"Tracker mortgages are getting much more attention because the pricing difference compared with fixed rates has become difficult to ignore. Across several of the biggest lenders, trackers are around one percentage point cheaper than comparable fixed rates, and some of the cheapest deals are available to borrowers with larger deposits.

"Borrowers with 25%, 40% or more to put down can sometimes access particularly competitive tracker pricing, which can make a substantial difference to the monthly repayment on a larger mortgage. Trackers are not suitable for everyone, though. Borrowers still need to be comfortable that their mortgage payments could increase if the Bank of England raises Base Rate."

Is now a good time to take a tracker mortgage?

Tracker mortgages are arguably more attractive than they have been for some time because of the unusually wide pricing gap with fixed rates.

With Barclays, Halifax, NatWest, HSBC and Nationwide trackers roughly 0.8 to 1.2 percentage points cheaper than some of their fixed-rate alternatives, they are worth comparing carefully.

Whether a tracker is suitable will depend on the mortgage size, income, deposit, attitude towards risk and ability to cope with higher repayments if Base Rate rises.

Trinity Financial's mortgage brokers can compare tracker and fixed mortgages from Barclays, Halifax, NatWest, HSBC, Nationwide and other banks and building societies to establish which option is most appropriate.

Is the Bank of England base rate likely to rise soon?

Potentially, yes. The Bank of England base rate is likely to rise at least once or twice over the next six months, so trackers seem like a good bet for anyone willing to gamble that the base rate will stay low for some time.  In many cases, the base rate will have to rise at least three times before the tracker loses out.

However, if borrowers want to switch to a fix, fixed rates may be higher than the rate they could have secured when they opted for a base-rate tracker, rather than taking one of the two-, three-, or five-year fixed-rate mortgages available previously.   

Most lenders offering competitively priced tracker rates let borrowers switch to a fix at any time with minimal early repayment charges, so homeowners can monitor the market and switch to more attractive fixed rates if and when they become available.  

Speak to a Trinity Financial adviser today

The mortgage market moves fast — and the right advice can make a significant difference to the rate and deal you secure. Get in touch with our team to discuss your options.

Call Trinity Financial on 0808 1642174 to secure a fixed or tracker rate mortgage, book a consultation, or use our appointment calendar

The information contained within was correct at the time of publication but is subject to change. It is for general information purposes and is not advice.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage

Trinity Financial Director Anthony Emmerson joined Bloomberg's John Stepek on the Merryn Talks Money podcast to discuss rising mortgage rates and what homeowners can do to manage higher monthly repayments.

The key message? Don't wait until your mortgage deal expires to explore your options. Speaking to an experienced mortgage broker early could help you secure a more competitive deal and avoid unnecessary increases in your repayments.

Listen to Anthony's Bloomberg interview here. 

With the mortgage market experiencing significant volatility, Anthony shares practical advice on:

• Why homeowners should start planning their remortgage well before their current deal ends.
• Whether tracker mortgages could be a better option than fixed rates.
• How extending a mortgage term could help reduce monthly repayments.
• What changing mortgage rates mean for first-time buyers and the wider property market.                    

Speak to a Trinity Financial adviser today

The mortgage market moves fast — and the right advice can make a significant difference to the rate and deal you secure. Get in touch with our team to discuss your options.

Call Trinity Financial on 0808 1642174 to secure a fixed or tracker rate mortgage, book a consultation, or use our appointment calendar

The information contained within was correct at the time of publication but is subject to change. It is for general information purposes and is not advice.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage

Getting a Best Buy mortgage after missing payments can be difficult, particularly if you have missed mortgage repayments rather than credit card or personal loan payments. However, some banks, building societies and specialist lenders will still consider borrowers with a history of adverse credit.

Missing a single payment does not automatically prevent someone from getting a mortgage. The difficulty is that lenders have very different rules about missed payments, how recently they occurred and whether the borrower has subsequently brought their finances up to date.

Borrowers who have missed several mortgage repayments may find they cannot access the cheapest fixed or tracker rates. They could also need a larger deposit or face a significantly higher mortgage interest rate.

Are more people missing mortgage payments?

The financial pressures facing households have made keeping up with regular bills increasingly challenging.

Figures from UK Finance show that 77,940 homeowner mortgages were in arrears of at least 2.5% of the outstanding balance in the second quarter of 2026. Within the total, there were 27,100 homeowner mortgages in the lightest arrears band (representing between 2.5 and 5 per cent of the outstanding balance). 

Although this was 1% lower than the previous quarter, it demonstrates how many borrowers are experiencing significant repayment difficulties.

There is also growing pressure on other household bills. Ofgem data shows the number of electricity and gas customers in arrears increased by 5% in the second quarter of 2026 compared with the previous quarter. Domestic energy debt has reportedly reached a record high of £5bn.

Missing credit card, loan or utility payments can also affect a borrower's ability to secure a mortgage or switch rates, depending on how the lender assesses their credit history.

Accord Mortgages changes its adverse credit rules

Accord Mortgages, part of Yorkshire Building Society, has announced changes to its residential mortgage decision-in-principle process.

The changes mean certain applications involving relatively small historic credit problems can now receive an automatic decision rather than being referred for further assessment.

Accord will now automatically consider applications with:

• Up to one County Court Judgment (CCJ) worth £300 or less within the last six years.

• Up to two defaults with a combined value of £250 or less within the last six years.

However, the lender has also tightened its treatment of missed secured credit payments.

Applications with two or more secured missed payments within the previous 24 months will now be automatically declined.

All applications remain subject to Accord's usual lending criteria and credit scoring.

The changes demonstrate how mortgage lenders can distinguish between relatively minor historic credit problems and more serious difficulties maintaining mortgage or other secured loan repayments.

Which mortgage lenders accept missed payments?

Research using the Knowledge Bank mortgage criteria system highlights significant differences between lenders.

Some mainstream lenders have strict rules and may decline borrowers with recent missed mortgage repayments. Others have more flexible policies, particularly where the borrower has a reasonable explanation and has maintained their payments since. For example, Leeds Building Society can potentially accept applicants with previous 'late payments' subject to underwriters' approval. For any missed payments, the lenders allows up to a maximum of status 1 on secured agreements within the last 12 months and up to a maximum of status 2 on all agreements within the last 24 months.

Specialist lenders, including Aldermore, Vida Homeloans, Atom Bank and Foundation Home Loans, offer products or criteria that may accommodate certain types of adverse credit.

For example:

• Aldermore has different lending levels depending on the severity and timing of missed payments. Certain products can consider historic mortgage arrears, although the available deposit requirements and products may change.
• Vida Homeloans can consider borrowers with multiple missed payments, subject to its product criteria and the customer's circumstances.
• Atom Bank offers near-prime mortgages and may consider historic missed payments, although its rules restrict recent mortgage arrears.
• Foundation Home Loans has different lending tiers that take account of how recently mortgage and unsecured credit problems occurred.

These examples demonstrate that borrowers with imperfect credit histories are not necessarily excluded from the mortgage market. However, lender acceptance does not guarantee approval or access to its most competitive rates.

Is missing a mortgage payment worse than missing a credit card payment?

Generally, yes.  Mortgage lenders tend to view missed mortgage repayments particularly seriously because they suggest a borrower has experienced difficulty maintaining payments secured against their home.

A single historic missed credit card payment may be acceptable to some lenders, especially when the account is now up to date. Repeatedly missing mortgage payments, particularly within the last 12 or 24 months, is likely to make arranging a new mortgage much more challenging.

Lenders may also distinguish between a payment made a few days late, a formally recorded missed payment, an account several months in arrears and a default. The more recent and serious the credit problem, the fewer mortgage options are generally available.

How much more could a mortgage cost after missed payments?

Borrowers with adverse credit may have to use a specialist mortgage lender charging higher rates than the most competitive mainstream banks.

There is no standard interest rate penalty for missing a payment. The amount depends on the lender, the seriousness of the credit problem, the deposit and the borrower's wider financial circumstances. Some big lenders have been dubbed "the biggest specialist lenders" because they have a reputation for assessing applicants on merit, which means they may accept someone who has had a credit blip and can demonstrate it is unlikely to happen again.

As an illustration, a borrower arranging a £300,000 repayment mortgage over 25 years could face substantially higher monthly payments if adverse credit means they cannot access a cheaper mortgage.

A higher rate could add hundreds of pounds to their monthly repayments and thousands of pounds over a fixed-rate period.

Borrowers may also face higher arrangement fees or be required to provide a larger deposit.

What should you do if you are worried about missing a mortgage payment?

The most important advice is to act before a payment is missed wherever possible.

Mortgage payments should be treated as a financial priority because maintaining a good repayment history can make a significant difference when moving home or remortgaging.

Borrowers should consider setting up direct debits, keeping sufficient money in their accounts and reviewing other spending before their mortgage payment falls due.

Anyone struggling with their repayments should contact their existing lender as early as possible. Banks and building societies can sometimes offer temporary support, including extending mortgage terms or changing repayment arrangements, depending on individual circumstances.

Simply contacting a lender to discuss financial difficulties will not damage a credit score, although some formal repayment arrangements may affect a credit record.

Trinity Financial comment

Aaron Strutt, Product and Communications Director at Trinity Financial, says: "Missing a mortgage payment can have much bigger consequences than borrowers realise, especially when they need to remortgage or move home.

"The cheapest mortgage lenders tend to have stricter credit scoring requirements, and even one or two missed payments can reduce the number of deals available. Multiple missed mortgage repayments can make arranging a new mortgage particularly difficult.

"Borrowers should do everything reasonably possible to maintain their mortgage payments and contact their lender before falling behind. It is far better to agree a suitable payment arrangement than to ignore the problem.

"The positive news is that specialist lenders are willing to consider borrowers who have experienced financial difficulties, particularly when their circumstances have improved. However, these mortgages can be more expensive, so maintaining a clean credit record wherever possible is extremely important because missing a payment or two can mean you end up paying more for years."

Speak to a Trinity Financial adviser today

The mortgage market moves fast — and the right advice can make a significant difference to the rate and deal you secure. Get in touch with our team to discuss your options.

Call Trinity Financial on 0808 1642174 to secure a fixed or tracker rate mortgage, book a consultation, or use our appointment calendar

The information contained within was correct at the time of publication but is subject to change. It is for general information purposes and is not advice.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage

Which lender is offering the most competitively priced fixed mortgages?

Mortgage rates have been increasing again over the last week, but Halifax is still offering higher-earner fixes starting from 4.90%.

Halifax for Intermediaries recently granted brokers like Trinity Financial access to Lloyds Premier current account mortgage rates for eligible borrowers earning over £100,000. The rates undercut many fixed-rate mortgages on the market, and for those earning less than £100,000 the rate is around 4.81%. Many banks and building have increased their rates so they are over 5% now.  

The lender’s most competitively priced rate is fixed at 4.90%, and it has a £999 arrangement fee. Applicants will need a 40% deposit to qualify, and the mortgage is available between £25,000 and £2 million. If you would prefer to take a longer-term fix, Halifax also has a three-year fix priced around 4.85% and a five-year fix priced around 4.90%. These rates also have £999 arrangement fees, and applicants need to earn over £100,000 to qualify.

Trinity Financial’s mortgage brokers have access to Halifax Intermediaries and can check whether borrowers qualify for Lloyds Premier mortgage rates. To be eligible, at least one applicant must hold a Lloyds Premier current account.

New customers may also be able to open a Lloyds Premier current account before applying for one of the mortgage deals, provided they receive their account number and sort code before the broker submits the mortgage application. The process takes around 30 minutes, and the current account should be opened on the same day.

Aaron Strutt, product director at Trinity Financial, says: "It is not always that tempting to open another current account, especially for a mortgage, but Lloyds is making it worthwhile with current account incentives as well as cheaper fixed rates. There is a lot of competition in the market to attract higher earners at the moment."

Representative example: A Halifax capital and interest mortgage of £1,000,000 payable over 30 years, initially on a fixed rate basis at 4.90% until 31-12-2028 and then on the lender's 7.24% standard variable rate for the remaining 28 years. The 4.90% rate would require 25 monthly repayments of £5,307.97 followed by 335 payments of £6,739.56. The total amount repayable would be £2,390,551.85 made up of the loan amount, plus interest (£1,394,838.84) and £999 (product fee), £295 (final repayment charge), £25 (completion fee). The overall cost for comparison is 7% APRC representative..

Speak to a Trinity Financial adviser today

The mortgage market moves fast — and the right advice can make a significant difference to the rate and deal you secure. Get in touch with our team to discuss your options.

Call Trinity Financial on 0808 1642174 to secure a fixed or tracker rate mortgage, book a consultation, or use our appointment calendar

The information contained within was correct at the time of publication but is subject to change. It is for general information purposes and is not advice.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage