Bank of England Base Rate Explained
This is a Base Rate that is issued by the Bank of England, as the name suggests.
A base rate is the interest rate set by the Bank of England for lending to other banks.
Therefore the level of the base rate will affect what you pay on your mortgage, because mortgage rates will be linked to the base rate, generally at a margin above it (for instance a tracker mortgage will literally tend to track at a set percentage above the base rate).
Property Articles
We hope you find this mortgage glossary / explanation of mortgage terms useful. You might also be interested in our articles on a range of property related issues, a selection of which are listed below:- First Time Buyers
- Business Transfer Agent
- How to get planning permission
- Letting Agents
- Buying Old Property
- Quick Information on Credit Scoring
- Getting a better deal without remortgaging
- Contents Insurance
- Mortgage FAQ
- The Auctioneer
- Life Insurance
- Additional Borrowing on a Mortgage
- Right to buy and mortgages
- Relocation Agent FAQs
- Agricultural Mortgages
