Compare mortgage rates

Last reviewed by John Fraser-Tucker on 15 April 2025

Compare deals to find your mortgage match

The value of mortgage comparison shouldn’t be overlooked. A mortgage is the biggest financial responsibility most people will ever have, so it’s an important thing to get right. 

Whether you’re buying your first ever home, remortgaging, looking for a new investment property or you’re simply in the mood for a move, getting an expert opinion when you compare mortgages can be priceless. And with Mojo, it is - we won’t charge you a penny. So what have you got to lose? 

Join over 15,000 homeowners who’ve put their trust in our expert mortgage comparison brokers this year alone!*

How does a mortgage work? 

A mortgage is a type of loan that’s used to purchase a property. If you’re approved for a mortgage, you’ll need to put down a deposit (usually a minimum of 5%) and your chosen lender will lend you the rest of the money you need. 

You’lll then make monthly payments to the lender over a set period - most mortgages start off with a 25-30 year term. If you’re buying a residential property, you’ll likely choose a repayment mortgage, where your monthly payments cover the interest (the cost of borrowing the money) and a portion of the loan amount until the full borrowing amount is paid off. 

While the total repayment term is usually decades long, you’ll be able to lock in mortgage rates for a shorter period of time (most commonly two or five years). This can allow you to lock in the most competitive rates available at the time, giving you the ideal opportunity to compare mortgages and find the best deal for you.

Understanding different mortgage types

To fix, or not to fix. We’re here to help you compare different rate types, so you can get to grips with how rate changes might impact you in the future. 

Fixed-rate mortgages - you get a rate that's usually cheaper than the lender's standard rate (SVR) which remains the same for an initial period. Often this is 2-5 years, but it can be much longer. Fixed rates are typically a bit higher than variable rates, but you benefit from the security of no unexpected changes for a set length of time.

Variable-rate mortgages - also have an initial period with a cheaper rate, however, they can change at any time. While both variable deal types (tracker and discount rate) are usually cheaper than fixed rates, this is because they could potentially rise immediately. Of course, they could also fall, but the risk lies in a rise in interest.

Standard variable rate mortgage (SVR) - while strictly another variable, it's not really a deal type. This type of rate has no initial period and tends to be lenders’ default rate of interest. If you take either a fixed or variable rate deal as described in the earlier points, you end up on the SVR when your initial period ends.

96% of mortgage applicants have opted for a fixed-rate mortgage in 2025 so far. Of those, over half (51%) opted for a 2-year fix with 40% choosing to lock in their mortgage rate for 5 years.

How can changing mortgage rates impact my payments? 

Changing mortgage rates can impact what you pay each month. Most rate changes are influenced by changes to the Bank of England base rate, either directly or indirectly. However, SVR and discount rates can also change at the lender's discretion, whether the base rate moves or not. 

Fixed rates only change when the deal period ends, so the way to avoid changes here is to remortgage onto a preferable rate. This can be done up to six months in advance in most cases.

Steps to compare mortgage deals effectively 

Here are the most important things to consider when comparing mortgages:

• Interest rates - the rate is the most obvious one. Be sure to choose the right mortgage type for you, though, rather than just opting for the lowest rate available

• Fees - high fees can impact the overall deal cost, so always keep this in mind when a rate seems particularly low. The APRC can help you compare the overall cost of a deal with fees included, but keep in mind that most people remortgage after the initial deal ends

• Loan terms - the longer the term the more interest you’ll pay in total, though you’ll have lower monthly payments. On the flip side, a shorter term mortgage comes with higher monthly payments but ultimately lower total interest

• Loan-to-value - a larger deposit reduces your loan-to-value (the percentage of a property's total value that you borrow from the mortgage lender). Lower LTV mortgages typically come with lower interest rates, as you’re seen as less of a risk 

• Lender conditions - does your deal allow overpayments, for example, or the ability to port your mortgage if you needed to? Look out for early repayment charges, too, particularly if you’re likely to move home before your deal ends 

Find your mortgage joy with Mojo

• Boost your chance of success: 92% of Mojo applicants successfully received a mortgage offer last year

• Find the best deal for you: Our brokers provide a quick and clear recommendation of the best deal based on your circumstances

• State-of-the-art tech with personal service: We use impressive tech to find you the best deal, with our mortgage experts stepping in to offer real, upfront advice

• On-hand to help, whenever you need: You’ll be supported by your broker and case manager whenever you need them, including evenings & weekends 

• Keep on top of the current rates: We’ll compare your new mortgage deal against other rates on the market, giving you peace of mind you’re on the best rate available to you

• We’re fee-free: That’s right, our service won’t cost you a penny

• Ready when you are: Whether you want to chat about your options, compare mortgage prices, get a MIP or apply for a mortgage, we’ll speak to you ASAP

*Data taken from Mojo Mortgages’ own customer records, covering the period from 1 January 2025 to 31 March 2025.