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What are mortgage interest rates?

Mortgage interest rates affect how much you’ll need to pay when you get a mortgage.

The interest rate will affect your monthly mortgage payment so the higher the interest rate, the more you’ll pay each month.

Mortgage rates are all set against the Bank of England base rate.

If you have a tracker mortgage which changes with the base rate, if the base rate goes up, interest rates usually go up by a similar amount. If the base rate goes down, interest rates usually go down.


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