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Mortgage Rates

Mortgage interest rates are expressed as an APR - this is the rate of interest on the mortgage calculated as interest paid per unit of the sum outstanding.

All mortgage interest rates are expressed as an APR (Annual Percentage Rate) which is a standardised calculation laid down by the Financial Services Authority. This standardisation makes it easier for people to compare mortgage deals. However with the advent of flexible mortgages, capped deals and the ability to repay the mortgage early, it has become a lot more complicated to compare mortgage deals.

This is because the APR is based on full maturity term usually of either 25 or 30 years - but now many people decide to remortgage their houses and switch mortgages - the average mortgage term is around four years! Remarkably, one in three mortgages are now remortgages. So when you're looking around for the cheapest mortgage rates in the UK you need to compare the cost of a mortgage over different periods of time, taking considering all payments, incentives and charges including early redemption penalties.

You also need to be aware that a special initial mortgage rates are only set for a limited period of time and will ultimately revert to the standard rate. Remember that best mortgage for you will not necessarily be the one which has the lowest initial rate.

That’s why you need professional mortgage advice and that’s why we teamed up with a number of specialist mortgage brokers to give you the professional service you need.

More FAQ's:

What exactly is a mortgage?
Where can I buy a mortgage?
What type of mortgage should I choose?
How do I shop around for the cheapest deal?
What are mortgage rates?
How do I get a mortgage quote?
What is an Agreement in Principle?
How much can I afford?
How long are mortgages usually for?
How is interest calculated on a mortgage?
What is a mortgage calculator?
What happens if interest rates change?
How do I prove my income?
What happens if I am self-employed?
How does a joint mortgage work?
Can I get a mortgage with a group of friends?
Do I need a Guarantor?
What is Conveyancing?
How much deposit do I need?
What will the initial costs of buying a house be?
What is a Mortgage Indemnity Guarantee (MIG) and will I have to pay it?
How much is the Valuation Fee?
Will I have to pay an Arrangement Fee and how much will it be?
What is a Mortgage in Principle?
What happens during the mortgage application process?
What will I need to support my mortgage application?
What are redemption penalties?
How do I choose a mortgage?
How do I compare mortgages to find out which is the best?
Should I choose a "repayment" or an "interest only" mortgage?
What is a fixed rate mortgage?
What is a discounted rate mortgage?
What is a variable rate mortgage?
What is a flexible mortgage?
What is a current account mortgage?
What is an offset mortgage?
What is a capped mortgage?
What is a base rate tracker mortgage?
What is a cash back mortgage?
What is a 100% mortgage?
What is a first-time buyer mortgage?
What is a buy to let mortgage?
What is a self-certification mortgage?
What is an ISA mortgage?
What is a Refinance Mortgage?
I have been turned down for a loan or credit card, will I still be able to get a mortgage?
What happens if I am refused a mortgage?
What if I have bad credit?
What if I have mortgage arrears?
What happens if I have bank defaults?
What happens if I have no proof of income?
What happens if I have a repossession order?
What happens if I can't keep up my repayments?
Can I repay my mortgage early?
Can I take a break from making my mortgage repayments?
What happens if I have an unusual property?
What is "Right to Buy"
What happens if we have a joint mortgage, but one of us wants to leave?
Is there any way I can lower my monthly repayments without switching mortgages?
What happens if I want to move home?
What happens if there's a shortfall at the end of my mortgage term?
What is a remortgage?
What is Equity Release?
How do I switch mortgages?
How do I know if I should switch mortgages?
Do I need Mortgage Life Insurance?
Do I need Mortgage Payment Protection Insurance?
Do I need Buildings Insurance?
Do I need Home & Contents Insurance?
How do I calculate the rebuilding cost for my Buildings Insurance?
What is a Loan to Value (LTV) Ratio?
What if I die before my mortgage is paid off?
Is there a Government Regulatory Body I can refer to?
What is the Mortgage Code?
Can I buy my mortgage online?
Do I need to see a mortgage advisor?
What's the difference between buying a mortgage from a broker and the lender direct?
Do I have to pay the mortgage broker a fee?
Complaining about your mortgage broker
Complaining about misleading advertising

Kings College Articles and News
Mortgage Authority Sites and Mortgage Lenders
Mortgage FAQ's

Statutory Wealth Warning:
Your home may be repossessed if you do not keep up your repayments on a mortgage or
any debt secured on it. Security by way of a charge on your home may be required.

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