Mortgages in the UK: how to choose the best deal?
Mortgages play a key role in the UK real estate market. In 2023, mortgage rates rose to their highest levels in a decade due to an increase in the Central Bank's key rate. This caused a drop in loan approvals and a slowdown in market activity.
It has become important for buyers to choose between fixed and variable rates. Fixed rates give predictability, but variable rates can be more favorable when the rate drops. Many banks have begun to offer flexible terms, including the ability to refinance.
Before applying for a mortgage, it is important to consider the size of the down payment: the larger it is, the lower the rate. It is also recommended to compare offers from different banks and consult with independent brokers.
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