Mortgage Interest Rate

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Interest rate? What interest rate?

The mortgage interest rate is based on the Bank of England base rate, but it doesn't follow it exactly. The rate you pay will depend on your lender's own interest rate and the type of mortgage you have, which means that cuts in the bank rate might not reduce your mortgage.

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There's no such thing as a standard mortgage interest rate, because it varies from lender to lender and from mortgage to mortgage. As a result, the interest you pay depends on the particular product you've chosen.

All banks' interest rates are based on the Bank of England base rate, and generally speaking if that rate rises then so do the banks' rates. However, the change to your mortgage depends on the type of mortgage you have. A fixed rate mortgage won't change; a variable rate mortgage will be 1% to 2% higher than the base rate, and a tracker mortgage will usually be less than 1% higher.

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