Current Mortgage Rate

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Who decides the price of your repayments?

The current mortgage rate is often confused with the Bank of England base rate, but they're different things: the base rate is the interest rate at which banks and other institutions can borrow money, and the mortgage rate is the interest rate they charge you. Changes in one don't always affect the other.

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What is the current mortgage rate? The answer depends on who you ask. Lenders set their own interest rates, and while they tend to follow the ups and downs of the Bank of England base rate that doesn't necessarily mean that a rise or fall in the base rate will affect the current mortgage rate.

The current mortgage rate for a lender will depend on the particular mortgage on offer. Although every big lender has a standard mortgage rate, different mortgages have different rates. Typically a fixed rate mortgage will be one or two percent higher than the standard rate, while flexible mortgages will be closer to the standard rate.

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