Bank of England Base Rate (BBR) - Cheap Mortgage Deals

This rate is set by the Bank of England and can alter quite regularly. Lenders then add their interest rate on top and depending on the type of mortgage product you have ie if you have a capped rate or variable rate, your repayments will go up or down accordingly. Any changes to the rate are announced by the Bank of England's Monetary Policy Committee.

Some mortgage products will have a higher interest rate than others. Generally the interest rate charged at a higher level will be attached to products that pose a greater threat of loss to the lender. A history of bad credit or a self certification mortgage, where an applicant does not or can not prove their income are seen as being applicants with a higher risk.