Interest rate options
The interest rate affects the amount you pay back monthly, for example, the lower the interest rate, the lower your monthly repayments.
Now a days, the mortgage market is extremely competitive. There are hundreds of lenders all competing for your business, and thousands of different deals to choose from, whether it’s a fixed and capped rate, or a discount and base rate tracker. It is important to choose the best deal for you, as it will affect the amount of interest you will have to pay. The key thing to bare in mind is that deals with the cheapest initial interest rate might not be the most suitable for you. Mortgages come with many charges and conditions that you will need to resource and think about to discover the best deal for your circumstances.