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Buying a house can be a long and potentially difficult process but ultimately extremely rewarding. With home ownership being a dream for many, mortgage lenders offer a wide variety of options for aspiring home owners. With so many different options to consider, the most important thing to think about is making sure you get a great mortgage deal for you.
Our independent, non-biased quote comparison tool will help you compare different options. Comparing the best mortgage fixed rates available can help you save money, as well as help you find the best mortgage offer for your needs.
What is a fixed rate mortgage?
Essentially a fixed rate mortgage is a type of mortgage where the interest rate is fixed. This means that the interest rate does not change during the term of your mortgage. Because of this, you will know exactly how much you will be paying each month. Because of this, fixed rate mortgages are a popular option among borrowers who prefer consistency over the potential rise or fall in interest expected with a variable rate mortgage.
As such, comparing fixed rate mortgages is essential in finding the most suitable for you.
Why should I choose a fixed rate mortgage?
A fixed mortgage rate can help you to plan more effectively for the future. Essentially it allows you to calculate the exact amount you’ll be repaying each month for the term of your mortgage. This can provide peace of mind and a sense of stability as even if the base interest rate is to rise during your mortgage term, your fixed interest rate won’t.
- They can be cheaper than variable rate mortgages
- Fixed monthly payments
- Allows you to lock in deals on interest rates when you take out a new mortgage or remortgage.
Is it a good time to fix mortgage rates?
It can be hard to tell when a fixed rate mortgage is a good idea. Ideally, you want to get a fixed rate mortgage before rates go up. However, it is very hard to predict when this will happen, although at present the Bank of England has signalled that future rate hikes are likely to be on the cards.
Can you get a 30 year fixed rate mortgage in the UK?
Some mortgage providers offer long term fixed rate mortgages, while some offer shorter term mortgages. Once you have decided what length of mortgage term you are after, you can compare fixed rate mortgage quotes in order to see which lenders offer the best term length for your needs.
Best 5 year fixed rate mortgage
A five year fixed interest rate is where you will have a fixed rate deal that will be valid for five years. After this time you will usually be directed to the base variable interest rate or moved to another deal. The best 5 year fixed rate will change over time between insurers, so the way of finding the best deals is to compare multiple lenders.
What are the disadvantages of a fixed rate mortgage?
The main disadvantage of a fixed term mortgage is that the interest rate you pay does not go down even if the national base interest rate goes down. This means that you would not benefit from the lower interest rate. In these instances, you would end up paying more towards your mortgage than you would on a variable rate mortgage. Fixed rate mortgages also tend to have higher rates than variable and tracker mortgages. Many lenders will also charge you a higher upfront fee which can potentially exceed £1000. You can also face early repayment charges if you ay off your mortgage before the end of your term or leave your fixed rate deal.
Is a fixed rate mortgage like a secured loan?
Yes, any mortgage is a type of secured loan. This means that the loan is ‘secured’ by an asset you own. If the loan is not paid off, the asset can be repossessed. This means that if you do not pay your mortgage, the house could be taken by the bank to cover the costs.
Can you pay off a fixed rate loan early?
Some mortgage lenders will let you pay off a fixed rate loan early, but some will not, or may charge a fee if you do pay it off early. It is important to look at the options that different mortgage providers offer if you think you may want to pay off a fixed rate mortgage early.