Go paper-free
Amend paper-free preferences for your statements and correspondence.
Mortgage rates
Compare mortgage interest rates with Lloyds Bank to see what deals might be available for you. Use our mortgage rates calculator to see how much you could borrow and what your monthly interest may be.
Remortgage rates
Already on the property ladder? Check out our remortgage interest rates to see if you can make a saving by switching to Lloyds Bank.
Let's look at the details
-
Mortgages rates can be affected by a range of things, from personal details to government decisions. The main factors include:
• The Bank of England base rate
• The rate of inflation
• Your credit history
• Your deposit amount
• Your loan term
-
It depends on the type of mortgage you have. If you have a fixed rate mortgage, your mortgage rate will stay the same for the length of your fixed rate term. However, if you have a tracker rate, your mortgage rate will increase in line with the Bank of England base rate. So, if it goes up by 0.5%, your mortgage rate will also go up by 0.5%.
If you’re on a Standard Variable Rate (SVR) mortgage, your interest rate is decided by your lender. So, while it’s not directly tied to the base rate, your lender may still choose to increase your mortgage rate if the base rate rises.
You can use our interest rate change calculator to find out more.
-
It all comes down to your personal circumstances, and the mortgage rates available. A shorter fixed term mortgage might give you the chance to switch to a better rate if interest rates start to fall in the next two years. However, a five-year fixed term mortgage can give you an extra level of security, as you know exactly what your rate is for the next five years.
Interest rates can be hard to predict, so it’s important to make sure you can afford your mortgage repayments for however long you fix your mortgage for.
You may also like
