Mortgage rate in the UK?

Question

I am considering to purchase a flat in London.

I am not sure but I believe that the mortgage rate varies depends on cases but in general, or average, what is the mortgage rate in this country?

Thank you for your help.

Answer 1

"I believe that the mortgage rate varies depends on cases "



This is correct.

Answer 2

Rates vary a great deal. You can opt for a fixed rate over a short number of years, or you can choose the variable rate from day one. At the moment the Bank of England rate is at an all time low which directly affects the loan companies rates. So mortgages are a good proposition at the moment. Deposits tend to be fairly high as mortgage firms are cautious having lost money through bad debtors in the past. If you search 'UK Mortgages' you will be able to view current offers and rates. Some firms incorporate a mortgage calculator on their website to give you a guide to repayments linked to borrowing.

Answer 3

This one all comes down to your deposit at present. As a general rule of thumb the larger the deposit the better the rate you'll receive. Therefore is difficult to give an 'average rate' as you quite rightly said it depends on the individuals circumstances. It will also depend on the product you choose, for example a 5yr fixed rate generally will be more expensive than a 3yr fixed rate.

Answer 4

If you look at http://www.moneyandme.co.uk/mortgage_rate.html you will be see what is available in the UK today this tool is free to use.