Mortgage Rates

Not necessarily. The headline interest rate is only one part of the cost. A mortgage with a slightly lower rate might come with high product fees (e.g., £999 or more), which could make it more expensive overall than a higher-rate deal with no fees, especially for smaller mortgages. You should always look at the "overall cost for comparison" or ask a broker to do the maths for your specific loan amount.

Once a lender issues a formal mortgage offer, it is typically valid for 3 to 6 months. This allows you time to complete your property purchase or remortgage without the rate changing. However, an Agreement in Principle (AIP) is usually valid for 30 to 90 days but does not guarantee the rate - only a full application locks it in.

The interest rate is what you pay monthly on your mortgage. The APRC (Annual Percentage Rate of Charge) is a calculation required by law that shows the total cost of the loan over its entire life, including the initial deal, any fees, and the reversion to the lender's Standard Variable Rate (SVR). While APRC is useful for long-term comparison, most people switch deals before the end of the term, so the initial rate and fees are often more relevant.

Some lenders offer "direct-only" deals that are not available through brokers or comparison sites. Conversely, many lenders offer "broker-exclusive" rates that you cannot find on the high street. Using a whole-of-market broker ensures you are checking both (where possible) to find the true market-leading rate for your situation.