Frequently Asked Questions
Why do mortgage rates change?
Recently the mortgage market has seen interest rates shoot up from record lows to the highest rates since the 2000's. This has caused many concerns among homeowners.
The Standard Variable Rate changes in line with the Base Rate, which has risen from its record low to 5.25% in August 2023, until August 2024.
The Base Rate is currently 4.00%.
But what about fixed rates I hear you say?
Well fixed rates are linked to SONIA swap rate. SONIA, which stands for the Sterling Overnight Index Average, represents the average of interest rates that banks in the UK pay to borrow sterling funds overnight from other financial institutions. SONIA swaps, on the other hand, allow banks to exchange these SONIA-based variable rates for fixed rates.
So, in short, the fixed rates available fluctuate depending on the SONIA swap rates, this is why we have seen the fixed rates steadily coming down but the Standard Variable rates remaining higher.
On this page you will see a regularly updated chart that shows the SONIA swap rates.
SONIA
Swap Rates
Updated 02 October 2025 | 22:45 GMT
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Can you get a mortgage with bad credit?
An adverse credit history can make you appear to be a higher risk client, but that does not mean you cannot get a mortgage.
Did you know that there are lenders out there that specialise in mortgages for people with adverse credit?
The rates do tend to be higher, this may seem odd, that someone with a poor credit history would pay more, but it is how the level of risk is offset.
Some lenders have different tiers based on the level of risk you pose.
Needless to say, there are still lots of options for people with an adverse credit history.
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What is APR/APRC?
This stands for Annual Percentage Rate of Charge.
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This is the total cost of the loan, expressed as an annual percentage, and is provided to help you compare the total cost of the loan with other providers.
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How long does a mortgage offer last?
Mortgage offers typically last between three and six months from the date offered, however this varies from lender-to-lender.
How much deposit do I need?
There are 100% mortgages available, however they are few and far between.
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You should look to put down at least 5%, but do bare in mind that the more deposit you put down, the more likely you are to be accepted for more favourable rates.