How do mortgage rates work?

Mortgage rates are based on the type of product that you’ve taken out.

If it’s a fixed rate mortgage, the interest rate will be fixed for a certain length of time, meaning your  monthly repayments will never change.

If it’s a tracker rate Mortgage you’ve taken out, your rate will follow the Bank of England base rates. If the base rate goes up, your tracker rate repayment amounts will go up. If the base rate were to go down, your tracker rate repayment amounts will go down.