Compare the best mortgage rates today across the market

What affects the mortgage rate you're offered?

The mortgage rate you are offered is influenced by what's happening in the broader market, as well as factors related to you, such as your credit score, your deposit size, income, existing debts and monthly commitments and dependents.

The type of mortgage deal you go for, such as a fixed-rate mortgage, a tracker, discount or variable mortgage, will also have an influence.

How much can I borrow for a mortgage?

Typically, lenders like banks and building societies will let you borrow between 4 and 4.5 times your household income for a mortgage. So on a joint income of £60,000, that's typically a maximum of £240,000–£270,000. But that figure isn't fixed, and is influenced by factors like your credit score, your spending habits and if you have dependants.

Some people can borrow more than this. For example, with a 5.5x Income Mortgage or Professional Mortgage, you could borrow up to 5.5 or even 6 times your income.

To understand what mortgage deals you could be offered without applying, speak to an expert mortgage broker like our award-winning team, voted Best Mortgage Broker five years running by our customers. Find out more here.

How often do mortgage rates change?

More often than most people expect. Individual lenders can change their rates multiple times a week, sometimes with just a few hours' notice. The lowest rate available today may not be the lowest rate tomorrow.

This matters if you're close to applying for a mortgage, so locking in a rate sooner rather than later can protect you from sudden rises. Tembo's RateCheck service does exactly this - you can lock in your best rate now, then if rates drop, you can ask your dedicated Tembo advisor to reapply for you at no extra cost. If rates rise, you've already locked in a lower rate.

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Who is offering the best mortgage rates in the UK?

Which lender is offering the best mortgage rates depends on what deals and rates you’re eligible for. Each mortgage product has different eligibility criteria, so you may not qualify for all deals, and the rate you’ll be offered is based on your individual affordability. Plus, banks and building societies often change their rates multiple times a month, so the lender offering the best mortgage rate one week could be entirely different the week after.

To see which banks are best for you and your situation, work with a mortgage broker to understand your options.

Can I get a better rate than what's shown here?

Mortgage comparison tools show rates based on standard lender criteria. But some buyers can access better deals through specialist schemes that don't appear in a standard comparison.

For example, if you have a complex income, work in a qualifying profession, or are buying with family support, you might be eligible for schemes that could improve both your borrowing power and the rates available to you. On average, Tembo customers increase their buying budget by £82,000 by accessing schemes their bank never mentioned. Worth checking. To see what you could afford, get started here.

How do I compare mortgage rates properly?

Don't just compare by interest rate alone. The true cost of a mortgage depends on four things: the interest rate, any product fees (which can range from £0 to £2,000+), the rate you revert to once your fixed deal ends, and any early repayment charges that you may have to pay if you choose to leave your deal before the fixed rate term is up.

A slightly higher rate with no fee can work out cheaper over a 2 or 5-year term than the lowest rate with a £999 fee, especially on smaller mortgages. The comparison tool above lets you sort by total cost over the period, not just the monthly payment. It's always worth seeking expert advice on the best deal for you before choosing one to go for.