What's The Latest With UK Mortgage Rates? – Forbes

December 28, 2021 By admin

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The Forbes Advisor editorial team is independent and objective. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive payment from the companies that advertise on the Forbes Advisor site. This comes from two main sources.
First, we provide paid placements to advertisers to present their offers. The payments we receive for those placements affects how and where advertisers’ offers appear on the site. This site does not include all companies or products available within the market.
Second, we also include links to advertisers’ offers in some of our articles. These “affiliate links” may generate income for our site when you click on them. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor.
While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof.
The comparison service on our site is provided by Runpath Regulated Services Limited on a non-advised basis. Forbes Advisor has selected Runpath Regulated Services Limited to compare a wide range of loans in a way designed to be the most helpful to the widest variety of readers.
The Bank of England’s main Bank rate was increased from 0.1% to 0.25% on 16 December. The decision of the Monetary Policy Committee (MPC) is a bid to cool the economy and reduce soaring inflation.
Official figures show the Consumer Prices Index measure of inflation surged by 5.1% in the 12 months to November 2021, marking its highest level for a decade. Inflation is also now well over double the Bank of England’s 2% target, set by the government.
The Bank of England had previously warned that inflation could ‘comfortably exceed 5%’, but this was not expected until April 2022 when regulator Ofgem is likely to put up the energy price cap, resulting in more expensive energy bills for millions of UK households.
The latest rate news will trigger an uptick in the cost of mortgages which track the Bank rate, and it is likely to lead to an increase costs for homeowners on variable rate mortgage deals. New mortgages have already priced in an increase to interest rates.
But, with so much to keep track of and mortgage rates changing often on a daily basis, how can you keep up-to-date? A simple way is by using our mortgage tables, powered by Trussle – a trusted mortgage broker and our mortgage partner.
To find out what deals are available at today’s rates for the kind of mortgage you’re after, you’ll need to enter your personal criteria into the table below. Here’s what to do:
Mortgage deals offering the cheapest rates usually come with fees attached. You can opt to pay these upfront or add them to the loan. To factor in the cost of the fee, order your the results by ‘initial period cost’ (in the ‘Sorted by’ dropdown).
Alternatively, you can order results by initial rate, lowest fee or monthly repayment – even by the lender’s ‘follow on’ rate that the deal will revert to at the end of the term.
While mortgage rates change daily, the very cheapest are reserved for bigger deposit amounts, usually of 60% of the property value or more. And in all cases you will need a sufficient income and clean credit history to be accepted for a mortgage.
If you want to see what your monthly mortgage payments might look like in different scenarios while overlaid with household bills, our mortgage calculator will do the sums.
While Trussle lists around 12,000 mortgage deals from 90 lenders – which accounts for the vast majority of the market – occasionally some deals are available exclusively through a handful of brokers, so you may not see these listed.
Mortgage offers from the major lenders tend to last for six months (as set out in our Best Lenders For Remortgaging), although some lenders cap expiry dates at three months. It’s worth looking a new mortgage deal this far in advance as you will be able to lock in a rate you see today – at no cost and with no strings attached.
I've been involved in personal finance and property journalism for the past 20 years, editing websites and writing for national newspapers. My objective has always been to offer no-nonsense information to readers that either saves or earns them cash.

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