Get the latest mortgage rates

A mortgage rate is simply the rate of interest charged by the lender on a specific mortgage product. Rates of interest will differ in line with:

• The mortgage product you choose
• The amount of deposit you have available
• Your personal financial situation
• The Bank of England Base Rate

Factor’s affecting mortgage rates

The mortgage you choose

There are 100’s of mortgage packages available on offer, each with varying features and benefits. Mortgage lenders may assign different rates of interest to their products to reflect the features and benefits of each

The amount of deposit you have

This part of the equation is relatively simple. The higher the percentage of your deposit in proportion to the mortgage amount, the more likely your mortgage lender will be able to recover the debt in the event that you default on payment. So, if you have a low deposit you are more likely to be charged a higher rate of interest than someone with a large deposit.

Your personal financial situation

Again, this point is about risk to the mortgage lender. The better your financial circumstance, the more likely the lender will be able to recover the debt if you default on the mortgage, so the more likely you are to be rewarded with a lower rate of interest. Unfortunately, the worst your financial situation is, the more likely you are to be charged a high rate of interest.

Bank of England Base Rate

Mortgage lenders usually lend above the Bank of England (BoE) Base rate, and the mortgage rate you are initially offered will reflect the current BoE base rate. The BoE meet every month to decide whether the rate needs to change to keep inflation in line with the Bank’s target.

Get the latest mortgage rates

Would you like to know what the best rates available to you are? Then contact us today to find out!