The Bank of England Base Rate is set by the Monetary Policy Committee (MPC) and is normally reviewed monthly. The MPC consists of economists and bankers and will take account a range of economic factors before deciding.
Currently the rate is 0.75%.
You maybe on a Lifetime tracker mortgage or standard tracker mortgage for a specific period.
We don’t expect Bank of England to increase the interest rate anytime soon. If you need advice and are seeking mortgage options, please contact us
A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Libor stands for London Interbank Offered Rate and it’s the rate which banks in the London market lend each other money. The main differences between LIBOR and the base rate are:
LIBOR rates are not as high profile to the Bank of England rate, however some lenders do offer schemes using LIBOR rates.
If your currently on a Libor rate, and wish to switch, please speak to one of mortgage advisers. We offer a comprehensive range of mortgage products from across the market for first charge mortgages only. As stated, some mortgage lenders do offer LIBOR rates, we will go through the mortgage product with you initially.
A mortgage is a loan secured against your home or property. Your home may be repossessed if you do not keep up repayments on your mortgage.