Best mortgage rates

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What are the best mortgage rates in the UK today?

While rates have fallen recently, they’re still relatively high, in comparison to the previous decades - following multiple increases to the Bank of England base rate. The current BoE (Bank of England) base interest rate is 5.25%.

Certain deals now come with a sub-4% rate, but these are usually only available to those with a very large deposit, and there may be other criteria involved. Most borrowers are likely still looking at deals with initial rates starting with a 4 or 5.

It’s also important to note that the best mortgage rates available to one person won’t necessarily be available to the next. Lenders have widely varying rates available depending on the mortgage type chosen and the applicant’s circumstances.

However, there are thousands of deals available across the market, so speak to an online mortgage adviser like Mojo to ensure you’re getting the latest information.

Which lender has the best rates?

Different lenders tend to specialise in different products, so one might have a strong offer for first-time buyers, whereas another might offer the best rates for remortgage.

Each lender also has different criteria, so not everyone will necessarily qualify for every rate with every lender. This is why mortgage brokers can be so valuable.

How can I get the best mortgage rates in the UK?

To access the more competitive rates of interest, you’ll want to do the following: 

  • Increase deposit size: Offering as much as you possibly can reduced the LTV (loan to value), meaning the lender is more confident to give you a better rate

  • Prepare your finances: Your monthly spending habits, credit score and debt to income ratio will all be considered as part of a mortgage application, so the better position they’re in, the more chance you have of getting a competitive offer

  • Use a broker: It’s tough to keep on top of rate changes and compare rates from all of the various banks, building societies and specialist lenders on your own. It’s also challenging to choose the lender that has the most suitable terms for your circumstances, at the same time as having criteria you meet. Whole market brokers, like ourselves, can assess your circumstances and quickly tell you the best rates available to you from across the whole market - and our fee-free mortgage advisors are even able to access some rates that aren’t available publicly

Mortgage broker vs. bank: Which is better for finding the best rates in the UK?

As we’ve mentioned, brokers are often the easiest route to finding the best rates available to you. There are a few reasons for this, but the major one is simply access.

A lender, whether that’s a bank, building society, or specialist mortgage lender, will only ever offer you the rates they have. It makes no business sense for them to share the rates of other lenders.

Here are some of the ways we can help you to secure better rates at Mojo mortgages: 

  • Expert guidance: We stay up to date with the UK mortgage market, and have immediate notifications of rates and offer changes from various lenders. We know their criteria well, which helps us tailor recommendations quickly and efficiently.

  • Lender network: We work with a wide range of lenders, including the big high street banks you’ll recognise, and perhaps some of the smaller specialist ones you won’t. This means we sometimes have broker-only rate deals that you won’t find going directly to a lender.

  • Application recommendations: As we process hundreds of mortgage applications a day, we know exactly what lenders want to see. If we can see a way to improve your application, whether that’s through credit score or more niche suggestions, such as how to demonstrate self-employed income and experience, we’ll tell you. This can sometimes help you achieve rate offers that you wouldn’t otherwise get.

How does the Bank of England base rate affect mortgage rates?

The Bank of England (BoE) base rate is the interest rate that the Bank of England charges UK banks to borrow money, so it has an impact on the rates banks are able to offer customers.

With mortgages any change in the base rate could impact your interest rate, but how dramatically and immediately you’re affected depends on the rate type you have.

With a fixed-rate mortgage, you’re contractually entitled to keep the same rate you signed up for, no matter what happens to the base rate. Usually you fix for between two and ten years. However, it can impact the rates lenders can offer to their new customers, so will come into play when your fixed-rate ends. 

For example, during the pandemic, rates were at an all time low. But those on two year fixes saw a huge increase in the interest rates available to them by the time they came to remortgage two years later.

Tracker mortgages and the base rate

Tracker mortgages are usually directly linked to an economic indicator such as the BoE base rate - or sometimes SONIA (Sterling Overnight Index Average) for commercial products. This means that if the base rate or other indicator increases or decreases, mortgages following it change in sync with that. 

Should I fix my mortgage rate now?

It really depends on your circumstances, and what you plan to do in the future. Most people would benefit from looking at the rates available to them at least six months before any deal you currently have is due to end using a whole of market online mortgage broker like Mojo.

At this point you can generally secure your next deal, but not switch until the current one ends. You’re not tied to it until then either, so you can switch multiple times to ensure you have the best rate. 

However, if you plan to move home soon, there are some circumstances where temporarily staying on the lender’s SVR (standard variable rate), will suit you. The SVR is generally the highest rate a lender offers, but it’s also the most flexible. You’re not tied in in any way, so can leave whenever you like without paying fees, unlike most other mortgage deals. 

Best mortgage rates FAQs

The Bank of England meet every six weeks to decide whether or not the base rate should change. They won’t always change it, but in recent times, it’s increased a multitude of times in succession.

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