When it comes to securing a mortgage, one of the most crucial questions is, “What interest rate will I get?” Interest rates affect how much you pay over the life of your mortgage, so finding the right deal is essential. At Equinox Mortgages, we’re here to make sure you understand your options and secure the best rate possible for your situation.
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Factors that Affect Your Interest Rate
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The interest rate available to you will depend on a number of factors, including:
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Deposit Size: Generally, the larger your deposit, the better the interest rates you’ll be able to access. Higher deposits reduce the risk for lenders, often resulting in lower rates.
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Loan-to-Value (LTV): Your LTV ratio is a measure of how much you’re borrowing compared to the property’s value. Lower LTV ratios (e.g., 80% or less) can give you access to more favourable interest rates.
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Credit Score: A higher credit score typically opens the door to better interest rates. At Equinox, we can help assess your credit profile and find lenders who will offer you the best terms based on your score.
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Employment Type and Income Stability: Some lenders favour applicants with steady employment over time, while others are more flexible with self-employed individuals or those with multiple income sources. We’ll help find a lender who’s a perfect fit for your unique income profile.
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Current Economic Conditions: Interest rates are also influenced by the Bank of England base rate and wider market conditions. This base rate can fluctuate, affecting mortgage rates across the board.
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Types of Mortgage Rates We Can Help You Explore
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At Equinox, we can walk you through the range of interest rate options available and help determine the best fit for your financial goals:
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Fixed Rate: Fixed-rate mortgages give you a set interest rate for a specified term (e.g., two, five, or ten years). This type is great if you want to plan your finances with certainty and avoid rate increases.
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Variable Rate: Variable rates fluctuate with market conditions. Types of variable rates include:
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Tracker Mortgages: These track the Bank of England base rate, so they’ll move up or down in line with this rate.
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Discounted Variable Rates: These are set at a discount to the lender’s standard variable rate (SVR), but can change if the SVR changes.
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Offset Mortgages: These link your mortgage to your savings, potentially lowering the interest you pay if you have a substantial savings balance.
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Access to a Wide Range of Lenders and Exclusive Deals
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As a whole-of-market adviser Josh has access to mortgage deals across the UK, including exclusive rates that might not be available directly to consumers. We work with high-street banks, online lenders, and specialist mortgage providers, including:
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High-street lenders like Halifax, NatWest, and Barclays
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Specialist lenders like Accord Mortgages and Kensington
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Building societies such as Nationwide and Yorkshire Building Society
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Each lender has unique criteria, so with Equinox’s market-wide access, we can select a lender whose interest rates align best with your profile.
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Securing the Best Rate Possible for You
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At Equinox Mortgages, Josh is committed to helping you secure the best possible rate, considering your budget, future plans, and financial circumstances. Even slight differences in interest rates can mean thousands saved over the life of your mortgage, so it’s worth getting expert guidance to lock in the ideal rate.
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Let’s Talk About Your Options
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By thoroughly reviewing your financial picture, we can find a rate that works well for you and aligns with your long-term goals. If you’re ready to start exploring your options or want advice on the most suitable rate type, connect with Josh at Equinox. We’ll make sure you’re set up with a competitive rate that fits your lifestyle and keeps you on track to achieve your property goals. 🌓
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