Compare Mortgage Interest Rates
Mortgage interest rates determine your monthly repayments, and how much the property will cost you overall, so it is important to get a a number of quotes to ensure you are getting the most competitive mortgage interest rates on the market, with a mortgage that also suits your needs.
Taking out a mortgage is a hugely significant financial commitment and, as such, should be thought about carefully. It is strongly advised that you take a number of different factors into consideration, such as affordability as well as how any deal would meet your individual circumstances, of which mortgage interest rates are an important part.
One important thing to consider when searching for a suitable mortgage deal is which interest rate to go for. At any one time, a number of mortgage interest rate deals may be on offer, so it is important to understand what each could entail.
Here is a brief overview of some types of mortgage interest rates:
Here your mortgage interest rate is set at a predetermined level, which will not change, for a set period of time. Most fixed rate deals revert to the lenders standard variable rate.
Tracker interest rates follow the Bank of England base interest rate, meaning that your interest rate is likely to vary, perhaps substantially, over the deals lifetime. It is possible to find lifetime tracker mortgages or tracker mortgages with a term as short as 1 year.
Standard variable rate (SVR)
This refers to a lender’s basic interest rate, without any discounts, and most other kinds of mortgage interest deals will revert to this rate after a set period. This rate can be changed at any time due to the lenders discretion although this will usualy be the result of changes in the economy.
Our mortgage quotes and advice service can help you find the best mortgage interest rates:
- Complete our simple mortgage enquiry form
- A specialist mortgage broker will be in touch
- You receive no obligation mortgage quotes and advice
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