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There are a few different factors that affect mortgage rates. The size of your deposit has a big effect on how much your mortgage will cost because it determines the mortgage amount you wish to borrow. The more you have to offer for a deposit, the lower rate your mortgage lender can offer. Your credit history also affects the price of your mortgage. Your credit history helps lenders assess your level of risk as a borrower based on how you’ve paid off debt in the past.
For 5-year mortgages the current rate is around 1.85%, 7-year mortgages have a rate of 2.64%, and 10-year mortgages have a rate of around 2.95%. Variable rate mortgages have a rate of around 1.39%.
You are already taking the first steps to saving on mortgage rates. When you apply with Comparewise, we automatically match you with the best deal for your situation.
Fixed-rate: Fixed-rate mortgage rates allow you to set the rate of your interest at a predetermined amount for the length of time set out in your mortgage agreement. This means that the amount you pay per month will remain the same even if the base rate of interest changes over time. It also means that your lender cannot change the rate of interest you pay until the period of time in your agreement is over. Variable-rate: Variable rate mortgage rates allow your lender to change the interest rate on your mortgage. This means that your monthly payments could change over time too. This means that some months your mortgage payment may be more than you expected and some months you may end up paying less. These types of mortgage generally come in two forms: tracker and standard variable.
Finding the right mortgage deal makes a big difference in your financial future. Before signing a mortgage deal, a factor you should confirm is how much you are comfortable borrowing. You should also make sure that you are putting down an affordable amount as a deposit and that you’ll be able to reasonably make the monthly payments. Being honest with yourself through the mortgage process will benefit you in the long run and can help your mortgage lender get a clear idea of the deal you are prepared to accept.
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