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Fixed rate mortgage options

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Fixed rate mortgages are popular options for those looking for a higher level of control over their finances.  If you are seeking a mortgage and your finances are stretched to the top of your budget, a fixed rate mortgage provides the security of knowing that your repayments will not change for a set period at the start of the mortgage term.  Usually fixed for a period of between 6 months and 5 years, a fixed rate mortgage protects the borrower against interest rate rises during the fixed period, after which time the borrower may switch to the lender’s regular variable rate, or remortgage for a better deal and new fixed-rate period with another lender.

The downside of a fixed rate mortgage is that should the Bank of England base rate drop during the mortgage term, the borrower will not be able to take advantage of the lowered repayment instalments. 

There is usually a ‘lock-in’ period to deter customers from remortgaging during the fixed rate period in order to prevent borrowers switching lenders in the instance of an interest rate drop, or for those simply looking to swap to a better deal. 

When considering a fixed rate mortgage, the fixed rate should be viewed with reference to the lender’s standard variable rate.  If the regular rate is very high it may not make the savings during the fixed rate period worthwhile, especially if there are high early repayment charges payable on settling the mortgage early through a remortgage with another lender.  The most important thing to check is that there is no ‘overhang’ on the lock-in period; that is, that the lock-in period does not extend past the end of the fixed rate deal.  As long as there is no overhang and switching lenders at the end of the special rate will not prove too costly, a fixed rate mortgage can be an effective way of controlling your budget; this may be particularly important for first-time buyers whose finances are already stretched to the top of their budget by entering the property market for the first time.  Canny borrowers can save thousands of pounds over the life of their mortgage by remortgaging regularly at the end of the introductory fixed rate period, ensuring that they are always getting a competitive rate and the best value for their money.

To compare the best fixed rate mortgages from UK lenders, complete the form on this page for a fast comparison of the best options available for your budget and requirements.