When applying for a mortgage, one of the key considerations is the mortgage term. The mortgage term refers to the number of years over which you agree to repay the loan, along with the interest. Choosing the right mortgage term is crucial, as it affects your monthly payments, the total interest paid, and potentially your financial planning into retirement.
Tag: loan-to-value ratio
What Are the Current UK Mortgage Rates?
Current Mortgage and Interest Rates Overview
As of now, the Bank of England’s Base Rate is 5.25%, held steady since August 2023. Recent trends show a decline in average mortgage rates, largely due to increased competition among lenders. Notably, the average rate for a five-year fixed mortgage is currently 4.88%, while the two-year fixed rate stands at 5.27%. These figures reflect a decrease from the previous week’s rates, indicating a favorable trend for borrowers.