This is the most important element of your mortgage, and determines how much your repayments will cost you each month. 

It it important to understand that the Interest Rate is not fixed, and can change quickly.  Depending on the type of your mortgage your exposure to the interest rate can be different... if you have a fixed rate mortgage then your repayments remain the same, but if you have standard variable rate mortgage then your payments change with the interest rate set by your lender.

In the past interest rates have changed rapidly, however they are currently reviewed monthly by the Bank of England, and most lenders follow the lead of the Bank of England in altering their own rates.

Interest rates are low at the moment, but this does not mean that they will stay that way.  When considering a mortgage you should look at what the repayments would be at different interest rates.  You can do this on our interest rate calculator.