Every rate announcement is reported as if there is a single mortgage market. For borrowers with straightforward salaried income, that is roughly true. For everyone else, the self-employed, the internationally paid, those borrowing against assets, the headline number is only part of the story.
The rate is not the whole cost
For complex cases, the lender you can access matters more than a fraction of a percent. A slightly higher rate with a lender that understands your income can be far cheaper than a keenly priced product you cannot actually qualify for, or that declines you weeks into the process.
What tends to move first
Specialist and private-bank lending does not always track the high street. When mainstream rates rise, appetite among specialist lenders can hold or even improve as they compete for the cases the high street turns away. That is often the moment complex borrowers find the best relative terms.
This article is for information only and does not constitute financial advice. Rates and lender criteria change frequently. Your home may be repossessed if you do not keep up repayments on your mortgage.