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Step 2 of The Money Plan is ‘get financially well organised’, this means paying the least interest on any debt you have. A mortgage is likely to be the largest debt you have and is the only debt I feel is acceptable, so it makes sense for you to have the best deal.

I have highlighted three of the better deals available for the following types of mortgage you may be considering;

First Time Buyer Mortgage | Five Year Fixed Rate Mortgages | Remortgaging

First Time Buyer Mortgages

Buying your first home is an exciting prospect, but figuring out how to get onto the property ladder can feel overwhelming. Whether it’s a Help-to-Buy ISA, Help-to-Buy equity loan or a shared ownership mortgage, there’s plenty of choice out there to help you on your way.

Banks and building societies package specific deals for first-time buyers, which may include incentives such as cashback, low fees or a contribution towards legal costs.  Below are the current top mortgages for first time buyers looking to borrow £200,000 on a property valued at £250,000.

NatWest BankFixed1.41% Fixed for 27 months reverting to 4.24%3.8%80%
Royal Bank of ScotlandFixed1.41% Fixed for 27 months reverting to 4.24%3.8%80%
HSBCFixed1.49% Fixed for 27 months reverting to 4.19%3.8%80%
BarclaysFixed1.51% Fixed for 24 months reverting to 4.24%3.9%80%
HalifaxFixed1.56% Fixed for 25 months reverting to 4.24%3.9%80%

Key: APRC= Annual Percentage Rate of Charge, LTV= Loan to Value ratio

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Five Year Fixed Rate Mortgages

A five year mortgage retains the same interest rate for the first five years that you have it, no matter how much the lender raises or lowers its interest rates. After the initial period of five years, the rate of interest you pay will transfer to your lender’s standard variable rate. This can offer you peace of mind, as you’ll know exactly how much you’ll need to repay during this period.

RateAfter 5 YearsAPRCLTV
Royal Bank of Scotland1.55%4.24%3.2%60%
Virgin Money1.56%4.99%3.6%60%
Cumberland Building Society1.57%4.74%3.6%60%

Key: APRC= Annual Percentage Rate of Charge, LTV= Loan to Value ratio

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Remortgaging simply means changing an existing mortgage without moving home. You can remortgage with your existing lender, but you may want to remortgage with a different lender instead if they offer a better deal.

NatWestFixed Rate1.19% fixed for 27 months. Reverting to 4.24%3.8%60%
BarclaysFixed Rate1.21% fixed for 24 months. Reverting to 4.24%3.8%60%
HSBCFixed Rate1.24% fixed for 27 months. Reverting to 4.19%3.7%60%
Post Office MoneyFixed Rate1.27% fixed for 25 months. Reverting to 4.74%4.3%60%
SantanderFixed Rate1.28% fixed for 26 months. Reverting to 4.00%3.6%60%

Key: APRC= Annual Percentage Rate of Charge, LTV= Loan to Value ratio

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The Money Planner

Each week I send out The Money Planner bulletin with featured articles and videos all related to The Money Plan.

In addition to this I also list suggested products in this section of the website (most of which I use myself) which will help to save you money and achieve financial freedom.

The website does earn a commission for some of these products purchased through The Money Planner.

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