Alternative mortgage rates

Find the alternative mortgage rates for buyers in the UK, including Help to Buy, Green Home mortgage rates, and Family Springboard Mortgages.

Alternative mortgage rates

We also have information for alternative mortgage rate products from our lenders including useful options such as Green Home mortgage rates, Help to Buy and Family Springboard Mortgages.

Check back weekly or favourite this page to keep an eye on the ever-changing rates. The table below is updated as of July 16, 2024 and rates are subject to change. 

Alternative mortgage rates

COMPANY TYPE TERM INITIAL RATE THE OVERALL COST FOR COMPARISON IS PRODUCT FEE LOAN TO VALUE (LTV)
BARCLAYS 2 year Offset Tracker at BEBR + 1.22% for 2 years Residential Purchase Offset 2 years 6.47% 8.7 APRC £1749.00 75%
BARCLAYS 5 year Offset Tracker at BEBR + 1.25% for 5 years Residential Purchase Offset 5 years 6.50% 8.1 APRC £1749.00 75%
BARCLAYS 2 year Tracker at BEBR + 0.14% for 2 years Premium Exclusive Rate 2 years 5.39% 8.4 APRC £999.00 60%
BARCLAYS 2 year Tracker at BEBR + 0.15% for 2 years Rate 2 years 5.40% 8.4 APRC £999.00 60%
BARCLAYS 2 year Tracker at BEBR + 0.36% for 2 years Rate 2 years 5.61% 8.5 APRC £999.00 75%
BARCLAYS 2 year Tracker at BEBR + 0.76% for 2 years Rate 2 years 6.01% 8.6 APRC £999.00 85%
BARCLAYS 2 year Tracker at BEBR + 1.10% for 2 years Rate 2 years 6.35% 8.6 APRC £999.00 90%
BARCLAYS 2 year Tracker at BEBR + 0.50% for 2 years Premium Exclusive Rate 2 years 5.75% 8.4 APRC £0.00 75%
BARCLAYS 2 year Tracker at BEBR + 0.35% for 2 years Rate 2 years 5.60% 8.4 APRC £1999.00 60%
BARCLAYS 2 year Tracker at BEBR + 0.55% for 2 years Rate 2 years 5.80% 8.4 APRC £1999.00 70%
BARCLAYS 2 year Tracker at BEBR + 0.57% for 2 years Rate 2 years 5.82% 8.5 APRC £1999.00 75%
BARCLAYS 5 year Tracker at BEBR + 0.60% for 5 years Rate 5 years 5.85% 7.8 APRC £999.00 60%
BARCLAYS 5 year Tracker at BEBR + 1.00% for 5 years Rate 5 years 6.25% 8.0 APRC £999.00 85%
BARCLAYS Fixed Rate Residential Purchase (Premium Exclusive) 2 years 4.49% 8.2 APRC £899.00 60%
BARCLAYS Fixed Rate Residential Purchase 2 years 4.52% 8.2 APRC £899.00 60%
BARCLAYS Fixed Rate Residential Purchase 2 years 4.71% 8.2 APRC £0.00 60%
BARCLAYS Fixed Rate Residential Purchase (Premium Exclusive) 2 years 4.74% 8.3 APRC £899.00 75%
BARCLAYS Fixed Rate Residential Purchase 2 years 4.75% 8.3 APRC £899.00 75%
BARCLAYS Fixed Rate Residential Purchase 2 years 4.98% 8.3 APRC £0.00 75%
BARCLAYS Fixed Rate Residential Purchase 2 years 4.93% 8.3 APRC £899.00 85%
BARCLAYS Fixed Rate Residential Purchase 2 years 5.15% 8.3 APRC £0.00 85%
BARCLAYS Fixed Rate Residential Purchase 2 years 5.48% 8.4 APRC £0.00 90%
BARCLAYS Fixed Rate Residential Purchase 2 years 5.06% 8.3 APRC £1999.00 60%
BARCLAYS Fixed Rate Residential Purchase 2 years 5.11% 8.3 APRC £1999.00 70%
BARCLAYS Fixed Rate Residential Purchase 2 years 5.20% 8.3 APRC £1999.00 75%
BARCLAYS Fixed Rate Residential Purchase Premier Exclusive 3 years 4.57% 7.8 APRC £999.00 60%
BARCLAYS Fixed Rate Residential Purchase Premier Exclusive 5 years 4.08% 7.0 APRC £699.00 60%
BARCLAYS Fixed Rate Residential Purchase 5 years 4.09% 7.0 APRC £899.00 60%
BARCLAYS Fixed Rate Residential Purchase 5 years 4.38% 7.1 APRC £899.00 75%
BARCLAYS Fixed Rate Residential Purchase 5 years 4.24% 7.0 APRC £0.00 75%
BARCLAYS Fixed Rate Residential Purchase 5 years 4.57% 7.2 APRC £899.00 85%
BARCLAYS Fixed Rate Residential Purchase 5 years 4.75% 7.2 APRC £0.00 85%
BARCLAYS Fixed Rate Residential Purchase 5 years 4.85% 7.3 APRC £999.00 90%
BARCLAYS Fixed Rate Residential Purchase 5 years 4.47% 7.1 APRC £1999.00 60%
BARCLAYS Fixed Rate Residential Purchase 5 years 4.51% 7.1 APRC £1999.00 70%
BARCLAYS Fixed Rate Residential Purchase 5 years 4.65% 7.2 APRC £1999.00 75%
BARCLAYS Fixed Rate Residential Purchase 10 years 5.15% 6.4 APRC £999.00 60%
BARCLAYS Fixed Rate Residential Purchase 10 years 5.71% 6.8 APRC £999.00 80%
BARCLAYS Green Home Mortgages Fixed Rate 2 years 4.88% 8.2 APRC £0.00 75%
BARCLAYS Green Home Mortgages Fixed Rate 2 years 5.38% 8.3 APRC £0.00 90%
BARCLAYS Green Home Mortgages Fixed Rate 5 years 4.75% 7.3 APRC £999.00 90%
BARCLAYS Family Springboard Mortgages Fixed Rate 5 years 5.80% 7.1 APRC £0.00 95%
BARCLAYS Family Springboard Mortgages Fixed Rate 5 years 5.84% 7.1 APRC £0.00 100%
BARCLAYS Mortgage Guarantee Scheme Fixed Rate 2 years 5.80% 8.4 APRC £0.00 95%
BARCLAYS Mortgage Guarantee Scheme Fixed Rate 5 years 5.56% 7.6 APRC £0.00 95%

 

Alternative mortgage rates FAQs

What is an alternative mortgage?

An alternative mortgage, also known as a non-traditional or unconventional mortgage, is a type of mortgage loan that does not conform to the typical standards and requirements of traditional mortgages offered by banks or building societies in the UK.

Alternative mortgages are often offered by specialist lenders who cater to borrowers who may have difficulty qualifying for a conventional mortgage due to factors such as self-employment, irregular income, adverse credit history, or unconventional property types.

Alternative mortgages included in the table above are:

  • Family springboard mortgages: A family springboard mortgage is a type of mortgage that allows a borrower to purchase a home with the help of a family member. The family member provides a lump sum of money or puts it in a linked savings account as security for the mortgage. The borrower benefits from a lower interest rate and is able to obtain a mortgage with a smaller deposit than would typically be required.
  • Fixed Rate Residential Purchase: A Fixed Rate Residential Purchase is a type of mortgage where the interest rate remains the same throughout the term of the mortgage. This means that the borrower's monthly repayments will also remain constant, making budgeting easier. The mortgage is used to purchase a residential property, such as a house or apartment.
  • Green home mortgages: The UK's Green Home Mortgages are designed to incentivize homeowners to make energy-efficient upgrades to their properties. These mortgages offer discounted interest rates to borrowers who make environmentally friendly upgrades, such as installing insulation or renewable energy systems. The goal of these mortgages is to promote sustainable living and reduce carbon emissions from homes.
  • Mortgage Guarantee Scheme Fixed Rate: The Mortgage Guarantee Scheme Fixed Rate is a type of mortgage available in the UK that provides a fixed interest rate for the first five years of the mortgage term. The scheme is designed to help first-time buyers and existing homeowners purchase a property with a smaller deposit. The scheme is backed by the government, which guarantees a portion of the mortgage, allowing lenders to offer mortgages with a smaller deposit requirement.

It's important to note that alternative mortgages may come with higher interest rates and fees than traditional mortgages, and they may also have stricter eligibility requirements. Borrowers should carefully consider their options and seek professional advice before taking out an alternative mortgage.

What are examples of other alternative financing?

Alternative financing in the UK refers to any type of funding that is not provided by traditional lenders such as banks or building societies. Here are some examples of alternative financing options available in the UK:

  • Peer-to-peer lending: This involves borrowing money from individuals or groups of investors through an online platform, which cuts out the middleperson, i.e. the traditional lender. Interest rates may be more favourable, but the lending criteria may be more stringent.
  • Crowdfunding: This involves raising money from a large number of individuals who contribute small amounts, typically through an online platform. It is commonly used by start-ups and entrepreneurs to raise capital for new ventures.
  • Invoice financing: This is a type of funding that allows businesses to borrow money against their outstanding invoices, which can be a useful source of cash flow for businesses with long payment terms.
  • Merchant cash advances: This involves borrowing money against future debit and credit card sales. This can be a useful option for small businesses that have limited access to traditional finance.
  • Asset-based lending: This involves borrowing money secured against the value of assets such as property, equipment, or inventory. This can be a useful option for businesses that need to raise capital but do not meet the lending criteria of traditional lenders.
  • Community development finance institutions (CDFIs): These are non-profit organisations that provide finance to individuals and businesses in disadvantaged communities. They often offer loans and support to those who struggle to access finance through traditional lenders.

It's important to carefully consider the terms and conditions of any alternative mortgage financing options and seek professional advice before taking out any loans or investments.

What is the alternative to help to buy?

The UK Government's Help to Buy scheme was—it has been discontinued—designed to assist first-time buyers and home movers to purchase a new-build property with a small deposit. Since the Help to Buy scheme has ended, borrowers looking for similar assistance in purchasing a property may need to consider alternative options.

Here are some alternatives to Help to Buy in the UK:

  • Shared Ownership: This scheme allows you to buy a share (usually between 25% and 75%) of a property from a housing association, with the option to purchase more shares in the future. You will pay rent on the remaining share, and there are restrictions on who can apply.
  • Help to Buy ISA: This scheme allows you to save money for a deposit on a home, with the government adding a 25% bonus to your savings (up to a maximum of £3,000). However, this scheme closed to new accounts in November 2019, so it's no longer available.
  • Lifetime ISA: This scheme allows you to save up to £4,000 per year towards a deposit on a home, with the government adding a 25% bonus to your savings. You must be aged between 18 and 39 to apply, and there are restrictions on when you can withdraw the money.
  • Right to Buy: This scheme allows council tenants to buy their home at a discounted price, with the amount of the discount depending on how long they have lived in the property. However, this scheme is only available to council tenants, and there are restrictions on who can apply.
  • Mortgage Guarantee Scheme: This scheme was introduced by the UK government in April 2021 to support first-time buyers and home movers with a 5% deposit to purchase a property. However, it's worth noting that the scheme ended in December 2022, however some banks are offering a similar scheme directly.