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Mortgage Rates

We’ll help you find the right mortgage rates for your loan. We search 100s of mortgage products across the UK to find the right deals for your financial situation.

Our mortgage brokers are highly experienced, they’ll listen carefully to what you need and deliver tailored advice, personalised to your desired outcomes and current circumstances. Call our expert mortgage brokers in Birmingham today to find the right mortgage products with the rates you need for affordable repayments on your new home.

Call us today on: 0345 066 6555 or drop in to see us in Birmingham at Coleshill Road.

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What are Mortgage Rates?

Types of mortgage rates for fixed, variable and tracker mortgages

Mortgage rates for variable and tracker mortgages are typically lower than fixed rate mortgages. If you have a fixed rate mortgage you will pay a set amount each month because your interest rate is fixed at an agreed amount.

For a tracker mortgage, your interest rate will change according to the rates set by the Bank of England whilst the interest on variable rate mortgages can be altered at your lenders discretion so the monthly payments for both types of mortgages are not fixed.

Early repayment charges

If you decide to end your mortgage before you reach the end of your mortgage terms you can expect to pay large penalties called Early Repayment Charges which are typically 1- 5% of the outstanding mortgage.

Mortgage terms

The terms of your mortgage stipulate how long the mortgage will last. Most owners choose mortgage terms of 25 years however it is possible to arrange terms lasting 35 or even 40 years.

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Other Mortgage Fees and Charges

Mortgages involve a number of additional administration costs including the: arrangement fee, valuation fee, stamp duty, survey costs, conveyancing fees and Land Registry fees.

Comparing mortgage rates

What is APRC?

The APRC is the Annual Percentage Rate of Charge which is the annual cost of the mortgage inclusive of all fees and charges. It is a useful way to see how charges will affect your total mortgage costs long term.

How mortgage rates are set

Your mortgage rate will be affected by a number of factors including: the size of the loan you want to take out, the amount of deposit you can pay, your credit history and more.

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How Do I Get the Right Mortgage Interest Rate?

To secure the right mortgage interest rates it is advantageous if you have a larger deposit and a good credit history. It can be beneficial to switch mortgages if you find a better deal.

Most importantly, choose an mortgage broker who is free to search the UK market covered by the panel of lenders for the right deals that match your needs. Talk to us today about your financial situation today. Our experienced mortgage brokers in Birmingham are ready to search 100s of products to find the right match for you.  Call: 0345 066 6555 or drop in to see us at Coleshill Road, Birmingham.

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Blossomfield mortgages were very helpful to me and my partner when we first enquired about whether we were mortgageable to buy our first home. We were very impressed with their professionalism. Best mortgage broker in Birmingham!

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Amazing service provided by Blossomfield in a quick and timely manner. No matter what questions we had they were always willing and happy to answer with their wide knowledge and experience. Would recommend Blossomfield to anyone.

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Excellent service, quick turnaround, as promised. Will be using again and again. Would highly recommend Blossomfield Mortgages.

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Excellent service from Blossomfield Birmingham, they were able to sort a mortgage out for me very quickly and made the whole process simple and stress free, always available when needed and provided regular updates.

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I approached Blossomfield regarding a mortgage using there Birmingham branch and the service I have received has been nothing short of amazing their efficiency and passion to get everything done and approved in a professional manor is astounding.

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Blossomfield Mortgages provided fantastic advice. Our mortgage approval went through very fast, as our mortgage was handled with the utmost urgency. From start to finish, the whole process was a breeze. We sat back and let them handle all the hard work.

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Frequently asked questions...

Do lenders charge fees, and will they be refunded if my mortgage is declined?

Lenders sometimes charge fees, and these may be payable on application and some on completion of the property purchase. Some fees may be refundable. Your mortgage broker will explain applicable fees – including if they are refundable - and when they would be due. Your mortgage broker will always provide you with an ESIS (mortgage illustration) for any mortgage they discuss with you, and this will clearly show the breakdown of any fees and their terms.

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What different types of mortgages are there?

Fixed & variable rate mortgages

The interest rate you pay on your mortgage will depend on the type of mortgage rate you choose.

Fixed-rate mortgages require you to repay an interest rate that is fixed for a certain period of time. The fixed-rate will mean you’ll know exactly how much your monthly repayments will be for the specified period.

If you have more flexibility, you may want to consider a variable rate mortgage. A variable rate mortgage may start at a lower rate than a repayment mortgage. However, the rate you pay is likely to increase in future at your lender’s discretion.

Similarly, a tracker mortgage will follow the Bank of England’s base interest rate. When the Bank of England’s base rate drops or increases, so will your mortgage payments.

Repayment or interest-only mortgages

With a repayment mortgage, at the end of your mortgage term the total amount you originally borrowed plus the interest accrued will be fully paid off. If you choose an interest-only mortgage, the monthly repayments may be lower, but you will have only paid off the interest on your mortgage once your mortgage term finishes.

Flexible or non-flexible mortgages

For flexibility in how much you pay each month, you may want to consider a flexible mortgage which may allow you to take payment holidays or make overpayments and underpayments when you require.

Our experienced mortgage brokers will support you through the entire process and help you get a competitive deal for your financial situation.

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How long can I borrow my mortgage for?

On average, mortgages last around 25 years, but some lenders will allow a term of up to 40 years, depending on your circumstances.

When discussing the length of the mortgage with our experienced mortgage brokers, they will guide you to the most suitable term.

A good practice is to keep the length of the mortgage to a minimum whilst still allowing you to have disposable money for a high standard of life, as this will result in less interest being paid over the full term of the mortgage.

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