2 Year Fixed Mortgage
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2 Year Fixed Rate Mortgages
Looking for the best 2 year fixed rate mortgage comparisons?
Many people see buying a house as a major milestone in their lives. It can understandably be exciting to purchase a home and look at starting a life there. However, it also means there is a lot to organise and a lot of work to do. Most people don’t have the cash to buy a house outright, which means comparing mortgages is a vital part of the homebuying process and one which can be very confusing. Even once you have found the right type of mortgage, different banks offer different mortgage deals.
If you want to find the best 2 year fixed rate mortgage for you, you can use our handy comparison tool. Comparing mortgage quotes can help give you the chance to save money and get a good deal.
What is a 2 year fixed rate mortgage?
A 2 year fixed rate mortgage means that the interest rate stays the same over the 2 year period of your mortgage. Some people find this useful as it means they know exactly how much they will be paying each month.
What is better, a 2 year or 5 year fixed rate mortgage?
The best length of fixed rate mortgage depends on your circumstances. If you can pay off your mortgage in two years, you may find that a 2 year fixed rate mortgage gives lower interest rates. However, if you need more time to pay, you may find a 5 year fixed rate mortgage is better for you.
How much can you borrow for a mortgage?
You can usually borrow between four and five times your salary for a mortgage. Some mortgage lenders may offer you more. If you are applying for a mortgage with someone else, their income may also be taken into consideration.
What is a variable rate mortgage?
A variable rate mortgage is a type of mortgage where the interest rate changes in relation to the national base interest rate. This means that you could be paying more or less interest than on a similar fixed rate mortgage.
Can you remortgage after a 2 year fixed rate mortgage?
Is a 2 year fixed rate mortgage a secured loan?
Mortgages are a type of secured loan. This means that the loan is guaranteed against an asset – in this case, the house. If you fail to pay a secured loan off, the asset can be repossessed.
Is it possible to pay off a fixed rate mortgage early?
Some mortgage lenders will allow you to pay off a fixed term mortgage early. However, you need to check the terms of the mortgage before doing this, as some mortgage lenders may charge a fee for paying off the mortgage early. You can compare mortgage offers to find out more.