3 Year Fixed Rate Mortgages

Looking for the best 3 year fixed rate mortgage comparisons from across the UK?

Buying a house is a goal for a lot of people. Many people consider it a major milestone for life, and it can be very exciting to find the right house and envision your life there. However, there is also a lot to organise and arrange. Getting a mortgage  is one of the most crucial parts of buying a home, and there are many different UK mortgage lenders to choose from.

Our simple quote comparison tool can help you easily look at different offers. Comparing 3 year fixed rate mortgages can help give you the chance to save money and find the best mortgage for your needs.

What is a fixed rate mortgage?

A fixed rate mortgage is where the interest rate does not change over time. The interest rate will stay the same for the 3 year term of the mortgage. This means the interest rate may be higher or lower than the national base interest rate.

Is it a good time for a fixed rate mortgage?

It is hard to judge when is a good time to choose a fixed rate mortgage. You need to consider how much the national base interest rate is likely to change over the course of your mortgage. However, some people may choose a fixed rate mortgage because they need to know exactly how much their mortgage payments will be.

To find the best 3 year fixed rate mortgage, try our comparison tool.

Will interest rates go up?

It is hard to tell if interest rates will go up or down as a country’s economy can change drastically and this is typically hard to predict. If you are unsure of how the interest rate will change, you may prefer the stability of a fixed rate mortgage.

What is a flexible interest rate mortgage?

A flexible rate mortgage means that the interest rate will change according to the national base interest rate. This means that the interest rate could be higher or lower than a fixed rate mortgage.

What is the longest fixed rate mortgage?

The length of fixed rate mortgage that companies offer changes between different mortgage lenders. Some companies will offer a maximum of a 10 year fixed rate mortgage, but some (particularly newer fintech mortgage companies) offer 30 year fixed rates or longer.

Is a 3 year fixed rate mortgage a secured loan?

Yes, a mortgage is a type of secured loan. Secured loans are where someone borrows money against an asset. If they fail to pay back the loan, the asset can be repossessed. This could happen with your house if you do not pay your mortgage.

What deposit do I need for a 3 year fixed rate mortgage?

The deposit amount you need is usually similar on a 3 year fixed rate mortgage compared to other mortgages. The usual minimum without a guarantor is 5%, though a higher deposit amount might mean that you get a lower interest rate for your mortgage payments.