Mortgage

[Scarlett]

Is a 6% mortgage rate higher than the average right now?

[Oneeyedvic]

No - sounds about right - you should be able to get a discount of about 1.5% off that though.

[WoWo]

I'd say it was a little on the higher side but not by much.

The current BOE interest rate is 4.50% and most mortgage rates are around 1% higher than this.

But it all depends on what sort of mortgage it is, 100% for example would attract a higher premium and 6% would seem about right.

[chazza]

I would say it is high as well - mine is 4.9%

[vicars]

For a residential full status mortgage it is high as you should be looking at 4.9 - 5.2%

For a residential mortgage self cert or with credit issues it is still a litle high as you would be looking at 5.4% - 6.5%

For a buy to let it is also high still as you can get 4.99% to 5.5%.

6% as a variable rate though is reasonable though again you can get trackers with no penalty from 5.35%