A mortgage rate is the interest a lender charges on the money you borrow, shown as a percentage. A fixed-rate mortgage keeps that rate unchanged for an agreed period, while a tracker or other variable rate can rise or fall, often in response to the Bank of England’s Bank Rate. Your rate may also depend on factors such as your deposit, loan-to-value ratio and financial circumstances. When comparing deals, consider the rate, fees, total cost and what happens when the initial period ends; an FCA-authorised mortgage adviser can explain suitable options.