Current Mortgage Rates and
Home Mortgage Calculator

The higher the interest rate, the higher your monthly payment. Even a small rate increase can noticeably change what you repay each month and overall. When comparing deals, look at the full picture — rate, fees, incentives and the APRC — not just the headline number. Our calculator above shows how different rates affect your repayments; if you want it worked out for your actual situation, contact MFB and we'll run the numbers with you.

LTV is the percentage of the property's value you're borrowing. The lower it is, the bigger your deposit and the less risk to the lender.

Common LTV bands:

• 95% LTV – 5% deposit
• 90% LTV – 10% deposit
• 85% LTV – 15% deposit
• 75% LTV – 25% deposit
• 60% LTV – 40% deposit

Lower LTVs generally mean access to more products and better rates, but the right LTV for you depends on your budget, circumstances and purchase plans. Speak to an adviser to find out what's realistic for you.

Usually, yes. A larger deposit lowers your LTV, which can open more competitive rates since lenders see it as lower risk. For example, someone with a 25% deposit (75% LTV) will typically have more options than someone with a 5% deposit (95% LTV) — though rate also depends on income, credit history, property type and each lender's criteria.

Want to know what rates you'd qualify for? Book a free chat with MFB — we compare the market, so you don't have to.

There are a number of fees that you will need to pay when applying for your residential mortgage, and it’s important you factor these into your costs. 

The fees themselves will vary from lender to lender, but as a guide, you will need to pay: 

• Lender arrangement fee – this is what lenders will charge you to set up the mortgage. This can be a fixed amount or a percentage of the loan amount and will typically be due on completion. Most lenders will allow you to add this to the loan, although remember you will then be charged interest on this. 
•  Valuation fees – this fee covers the cost of a lender’s survey of your home. On many mortgage products, lenders will not charge a valuation fee as an incentive for borrowers, but generally cost around £250.  It's important to remember that this is a valuation for mortgage purposes and not a substitution for a more in-depth homebuyers or structural valuation report
•  Legal fees – these fees cover the costs of the conveyancing work on your mortgage, and will vary depending on your solicitor. If you don’t have a solicitor already, one of our expert residential brokers will be able to help you find one and make sure you understand what you’re paying for, as some may quote without the required legal searches included
• Stamp Duty Land Tax (SDLT) – if you’re purchasing a property, you may be liable to pay SDLT on purchases (or transfers of equity) over £250,000 or £425,000 for first-time buyers. Our SDLT calculator will help you work out how much you’ll need to pay. 

Not always.

Some low rates come with high fees, and higher rates come with lower fees.

But that's not a hard rule. Each deal should be examined in detail and our brokers will explain why certain deals maybe best overall for your individual circumstances. It's always best to seek expert advice if you're unsure what is best for you,

Mortgage rates change based on SWAP rates and not just the Bank of England's interest rate. 

SWAP rates change based on anything that can affect market conditions, so while you may see a rate today, it's not guaranteed to always be available tomorrow. 

Read our guide on the lifespan of a mortgage rate for more information. 

A fixed rate is exactly that - a rate that's fixed for the length of your mortgage. For some this gives peace of mind knowing what their monthly mortgage payments will be.

A variable rate is linked to the Bank of England base rate + a % on top. For example, if the Bank of England base rate is 4% and the lender's offer is BBR + 1% - you'll pay 5%. What this means is if rates go down, you'll pay less, if rates go up, you pay more.

There's no right or wrong answer, we always advise to choose the best deal for your circumstances. 

No, mortgage rates shown are for illustration purposes. While they may well be live on the market, until you have an angreement in principle then the rate isn't guaranteed.

Rates can change for a variety of reasons - our lifespan of a mortgage rate guide explains why.

APRC stands for Annual Percentage Rate of Charge. It is a single percentage rate that shows the total cost of a mortgage or secured loan over its entire lifetime. It combines the interest rate, changing rates over time, and all upfront or ongoing fees.

If you're unsure what that actually means for you, then we advise speaking to a broker who can explain in full detail. 

You can use a calculator to calculate how much you could potentially borrow to remortgage. However, all calculators are for illustration purposes.

It's advisable to speak to a broker who can examine your current circumstances, if you wish to increase your borrowing, of if you wish to move onto a new rate.