Fixed-Rate Mortgage Rates in the UK

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How we find you the best Fixed-Rate Mortgage Rates in the UK

Fixed-rate mortgage rates in the UK are on a mortgage where your interest rate is guaranteed to stay the same for a set period of time. This can offer peace of mind because, unlike a variable-rate mortgage (such as a discount or tracker), you’ll know exactly how much you need to repay each month during this period. There are far more fixed-rate mortgages available than any other type of deal.

You can currently fix your mortgage rate for one, two, three, five, seven, 10, or 15 years, though one-year and 15-year fixes are rare. Generally speaking, the longer your fixed-rate period lasts, the higher the interest rate will be. Most fixed-rate mortgages allow you to overpay up to 10% of the balance each year, either in regular overpayments or on an ad-hoc basis.

Fixed-rate mortgages differ from variable-rate mortgages, where your monthly repayments can go up or down because of changes to the Bank of England base rate. When your fixed-rate period comes to an end, your lender will transfer you onto a standard-variable-rate (SVR) mortgage.

Every lender sets its own SVR and this can change by any amount at any time. There’s no better time to find fixed-rate mortgage rates in the UK. Ratewise offers you an accessible way to connect with the right lender for you. Our application and matching service is absolutely free.

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Here are some frequently asked questions about mortgages. Have a different question? Contact us today.

What affects fixed rate mortgage rates in the UK?

There are a few different factors that affect fixed rate mortgage rates. The size of your deposit has a big effect on how much your mortgage will cost because it determines the mortgage amount you wish to borrow.

The more you have to offer for a deposit, the lower rate your mortgage lender can offer. Your credit history also affects the price of your mortgage. Your credit history helps lenders assess your level of risk as a borrower based on how you’ve paid off debt in the past.

What can you do to save on fixed rate mortgage rates in the UK?

You are already taking the first steps to saving on fixed rate mortgage rates. When you apply with Ratewise, we automatically match you with the best deal for your situation.

What types of mortgage deals are there?

Fixed-rate: Fixed rate mortgage rates allow you to set the rate of your interest at a predetermined amount for the length of time set out in your mortgage agreement. This means that the amount you pay per month will remain the same even if the Bank of England’s base rate of interest changes over time. It also means that your lender cannot change the rate of interest you pay until the period of time in your agreement is over.

Variable-rate: Variable rate mortgage rates allow your lender to change the interest rate on your mortgage. This means that your monthly payments could change over time too. This means that some months your mortgage payment may be more than you expected and some months you may end up paying less. These types of mortgages generally come in two forms: a tracker and standard variable.

What should I look for in a good fixed-rate mortgage deal?

Finding the right fixed rate mortgage deal makes a big difference in your financial future. Before signing a mortgage deal, a factor you should confirm is how much you are comfortable borrowing.

You should also make sure that you are putting down an affordable amount as a deposit and that you’ll be able to reasonably make the monthly payments.

Being honest with yourself through the mortgage process will benefit you in the long run and can help your mortgage lender get a clear idea of the deal you are prepared to accept.

Can I still get a great mortgage deal if I have poor credit?

You can still get a great mortgage deal even if you have poor credit. Our certified lenders help customers in all financial situations.

There are a number of lenders that we work closely with who are ready to provide mortgage deals for customers with poor credit. Apply today to get matched with a great mortgage deal.

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