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Mortgage Interest Rates

Mortgage interest rates are one of the key elements to consider when looking at taking out a mortgage for a property. It is the mortgage interest rates that will determine just how much you will have to pay with your regular instalments and thus the financial burden your cash flow will be under. In turn, the interest rates will determine the total cost that you will incur with the mortgage.

In the competitive mortgage market, there are usually many good interest rates on offer. Mortgage interest rates can be broadly categorised into a number of types, two of which are:

Fixed rate mortgages. These mortgages have an interest rate that is set at the time of the mortgage agreement. You are guaranteed that for a set term, you will only be paying that interest on the loan – it will not change if general interest rates rise or fall. This offers the convenience of knowing ahead of time how much your regular payment will be.
Tracker mortgages. Mortgages of this kind follow the base interest rate set by the Bank of England. This means that the interest you pay on the loan will change to match current rates – if rates fall, so does the interest rate on your mortgage.

Initial Rate	Type	Period To	Provider	The Overall Cost For Comparison APR	LTV
4.89%	Fixed	Oct 2010	Yorkshire Building Society	7.00%	75%	More
4.89%	Fixed	Nov 2010	Halifax	7.10%	75%	More
4.99%	Discount	Sep 2010	Lloyds TSB Scotland	7.20%	75%	More
4.99%	Fixed	Sep 2010	Principality Building Society	7.20%	60%	More
4.99%	Discount	Oct 2010	Cheltenham & Gloucester	7.20%	75%	More
4.99%	Fixed	Nov 2010	Cheltenham & Gloucester	7.20%	75%	More
4.99%	Fixed	Nov 2010	Lloyds TSB Scotland	7.20%	75%	More