Interest Rates in the UK
Interest rates determine how much your monthly payments will be.
The higher the interest rate, the more you’ll pay in mortgage payments. The interest rates are generally set by the Bank of England that sets the base interest rate.
The base rate adjusts the interest rate the mortgage company will charge you. You can choose a fixed rate mortgage or a variable rate mortgage. You also need to consider that many mortgage companies have a reservation fee of at least Ј100.