interest rates who decides

ludmilla

I am applying for a buy to let mortgage and given my circumstances the only option is the Mortgage Works. I am borrowing a small amount over 10 years and all being well (ie the country doesn't become completely bankrupt) things will work out. However a good friend has asked me the simple question;

what is to stop the Mortgage Works charging any old interest rate?

I can speak to my mortgage advisor, but wondered what you all thought?

thank you.

dimbo61

That all depends on the deal you take !
If its a BOE base rate tracker then it will follow the Base rate
If its fixed for 3/5 years then it will stay at that rate for 3/5 years
If its on there SVR ( unless its tied to the BOE base rate THINK Nationwide) they can charge what they like