What is the Bank Of England base rate....?
What interest rate should I use in the calculator.....?
What is the Bank Of England base rate....?
The rate at which interest is charged on a mortgage is relative to the Bank of England base rate. This is currently set at: 0.50% (Last adjusted Mar 5th 2009, see Bank Of England website for additional info. This is an external site, as such we are not responsible for the contents of this site).
What interest rate should I use in the calculator.....?
Lenders are free to decide the amount by which they will alter their own interest rates, in relation to the movements in the BOE base rate. Typically a lender will set its Standard Variable Rate (SVR) a certain percentage above the base rate.
The SVR will vary per lender but given that the current BOE base rate is: 0.50%, a typical SVR may be: 5.99%.
The overall cost for comparison is 6.3% APR.
The actual rate available will depend on your circumstances. Ask for a personalised illustration
The example SVR of 5.99% is only a starting point when performing your initial calculations. In normal circumstances Dacre, Son & Hartley Financial Services would strive to place a client on one of the numerous discount or incentive products available, which can offer more preferable rates or features (such as a limited fixed rate period).
For Insurance business, we arrange policies exclusively from Legal & General.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Your initial consultation will be free. Our typical fee for arranging your mortgage is £199, however depending on your circumstances, a fee of up to 1.5% of the mortgage amount may be charged. In some circumstances this fee may be waived.