How to Get a Lower Mortgage Interest Rate

Looking to lower your mortgage rate? Not sure how? Read on to find all the answers you need.

Get Started

Ask Us A Question

We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in all different mortgage subjects.

Ask us a question and we'll get the best expert to help.

Feefo 5 Stars
1 of 3
£
£
£
2 of 3
3 of 3 Send!
Home Mortgage Interest Rates How To Get A Lower Mortgage Interest Rate
Pete Mugleston

Author: Pete Mugleston

Mortgage Advisor, MD

Updated: March 15, 2024

Finding the lowest mortgage rate for your circumstances is a case of cutting through the ‘best deals’ and ‘special offers’ advertised and getting to the facts of what’s on offer.

In this article you’ll learn how you can boost your chances of qualifying for a lower mortgage rate than what you may have seen advertised and how we can help you secure it.

How to get a lower interest rate on your mortgage

There are ways and means to secure a lower mortgage interest rate than what is available on the high street.

Here are the main ways you can improve your chances of getting one:

  • Use a mortgage broker: Getting the lowest rate is not a case of simply applying for the lowest one you can find. You first need to check that you meet the lender’s eligibility criteria as rejection can hamper your chances of securing a low rate with subsequent applications. A broker will make sure you only apply where there is a strong chance of approval.
  • Put down a bigger deposit: A larger deposit doesn’t only reduce the amount you need to borrow. It can also strengthen your application and give you access to a wider pool of lenders and products. With the biggest possible deposit and a whole of market mortgage broker onside, you can be confident you’ll get the lowest rate you qualify for.
  • Credit optimisation: Your credit files have a significant impact on the outcome of a mortgage application. Making sure they’re accurate and up to date can prevent an application from being unnecessarily affected.
  • Green mortgages: With lenders keen to make their loan books sustainable, green mortgages are becoming increasingly popular. Provided your property meets the criteria and you know which providers offer green mortgages, it’s a good way to find a low rate.

Maximise your chance of approval with a specialist

Get Started

Ask Us A Question

We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in all different mortgage subjects.

Ask us a question and we'll get the best expert to help.

Feefo 5 Stars
1 of 3
£
£
£
2 of 3
3 of 3 Send!

How a broker can help you lower your rate

The role of a mortgage broker isn’t just to find you a mortgage; it’s to find you the best possible mortgage according to your circumstances.

That’s why it’s essential to use a whole of market mortgage broker who specialises in helping people in your situation.

We can match you with a mortgage broker who will…

  • Have deep knowledge of the UK mortgage market
  • Assess the advantages and disadvantages of different loan options (eg fixed or variable rates) for you
  • Know which lenders offer the lowest rates to those in your situation
  • Help optimise your application to unlock cheaper rates where possible

We work with brokers all over the UK who have whole of market access and can help you find the lowest rate for your mortgage. This includes advisors who operate in niche sectors and work with specialist lenders to find low rate mortgages for people with complex income streams or a history of bad credit.

To talk to a mortgage expert today and get a head start on lowering your mortgage rate, get in touch now.

We're so confident in our service, we guarantee it.

We know it's important for you to have complete confidence in our service, and trust that you're getting the best chance of mortgage approval at the best available rate. We guarantee to get your mortgage approved where others can't - or we'll give you £100*

Happy approved couple

Securing a lower rate on your remortgage

Typically, when your mortgage is up for renewal your existing lender will offer you a new deal. This might seem like the most convenient option, but it may not be the cheapest.

A whole of market broker will compare your current lenders’ offer with every other deal on the market to ensure you get the best rate.

Regardless of when you took out your last mortgage, the chances are the picture has changed significantly as UK markets have gone through a period of great change. Only with expert help can you expect to find the best lender and lowest rate.

But, to give you an idea as to what mortgage rates are currently available, take a look at the rates table below:

Lender Product Details
Frosted Rates Image

Looking for more rates and deals?

We can match you with a mortgage broker who can provide you with up-to-date bespoke rates and deals from across the entire market.

Last updated May 2024

The rates quoted above were correct at the time of writing and are subject to change at any time at the lender’s discretion. Speaking to a mortgage broker is the best way to keep track of the rates available at any given time.

Other ways to lower your mortgage payments

In some cases, remortgaging will be your best route to lowering your repayments. Sometimes, the brokers we work with will find better deals for homeowners that reduce the overall cost of borrowing even if it means paying a fee to exit an existing mortgage early.

On other occasions, they’ll find short-term solutions to help people reduce their payments until such time as better deals are available.

Options here can include:

This is just a sample of ways to help reduce mortgage payments. If you think one of them might be right for you, it’s essential you speak to a broker – even before you contact your current lender.

That’s because your existing provider can only offer advice on their own products. If you’re looking to reduce your mortgage payments, you need to compare every deal on the market to make sure you get the best rate.

Why use Online Mortgage Advisor

Our free broker matching service assesses your situation and puts you in touch with a mortgage advisor who has a track record of helping people like you get approved.

And with a broker handpicked by Online Mortgage Advisor you’re guaranteed:

  • No impact upon your credit report
  • A bespoke, personalised service
  • Support and guidance throughout the entire mortgage application process
  • £100 cashback if you don’t get approved through us but get a mortgage elsewhere

To get matched with your ideal mortgage broker call today on 0808 189 2301 or enquire online.

Maximise your chance of approval with a specialist

Get Started

Ask Us A Question

We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in all different mortgage subjects.

Ask us a question and we'll get the best expert to help.

Feefo 5 Stars
1 of 3
£
£
£
2 of 3
3 of 3 Send!

FAQs

There is no set answer to this question.

Each mortgage provider has their own set of criteria and will offer the best rates to borrowers who most closely match them. A broker will be able to identify the lender who will offer the lowest rate according to your individual circumstances.

High street lenders typically view self-employed borrowers as higher risk and charge higher rates as a result.

Your best route to a low rate is to speak with a broker who specialises in self-employed mortgages and has contacts in that niche.

It depends on the age, value and severity of any bad credit. In these cases, speak to a broker before applying.

Some high street lenders may reject your application outright, but specialist providers can be more flexible and offer a rate based on your current situation, not just your credit history.

Ask Us A Question

We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in all different mortgage subjects.

Ask us a question and we'll get the best expert to help.

Our Brokers

Get in touch today

Make an enquiry and we'll arrange for an experienced mortgage broker we work with to contact you straight away.

1 of 3
£
£
£
2 of 3
3 of 3 Send!

About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for Online Mortgage Advisor of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

Maximise your chances of approval, whatever your situation - Find your perfect mortgage broker

By browsing our site you consent to our use of cookies.