These mortgage rates are the best rates currently available and to access these rates applicants must meet the criteria of the lender offering the rate.
The lowest mortgage rate isn’t always the cheapest option when choosing a mortgage deal as some mortgages have fees attached and other factors such as valuation fees and whether the Lender is offering free legal fees need to be taken into account.
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A fixed rate mortgage means the interest rate stays the same during a set period of time, usually between 2 and 5 years – although some lenders offer fixed rates of 10 years or more. This stability can be great if you like the certainty and peace of mind knowing that your mortgage payments will stay the same.
A tracker mortgage charges an interest rate that is usually a few percentage points higher than the Bank of England’s base rate. The mortgage will then “track” the base rate, which means that your monthly payments could rise and fall in line with any changes.
DISCOUNTED VARIABLE RATE
A discounted variable rate mortgage is similar to a tracker mortgage, but rather than being linked to the Bank of England’s base rate, it is set at a fixed percentage below the lender’s standard variable rate (the SVR). The mortgage will then follow the lender’s SVR, and your payments could rise and fall, depending on how their SVR changes.
STANDARD VARIABLE RATE
A standard variable rate mortgage follows the lender’s SVR, without any discount. You’ll automatically go onto this type of mortgage at the end of any introductory fixed, tracker or discounted deal.
An interest only mortgage is one where your monthly payments will only go towards paying the interest charged on the loan each month. Because of this, interest only mortgages can be cheaper – but the payments don’t go towards paying off the loan. At the end of the term, you’ll have to pay back the full amount you have borrowed in a lump sum. Most people do this through the sale of the property or by using an investment.
An offset mortgage is linked to one of your savings accounts – the amount you have in the account is offset against the amount you owe on your mortgage each month, lowering the total interest you’re charged on your monthly repayments. You won’t earn interest on any account linked to your offset mortgage.