Fixed rate mortgages
Fixed rate mortgages fix the interest rate for a specified period of time, perhaps 2 years, 3 years, 5 years or even 10 years, so the interest rate on the mortgage and the monthly payments remain constant for that period of time - so you know exactly what you're paying!
At the end of the fixed rate period you generally move onto the mortgage lender’s own Standard Variable Rate (SVR) - normally around 2%-3% higher than the Bank of England Base Rate.
During a fixed rate period you are normally tied in to the mortgage with early redemption penalties payable should you wish to pay off the mortgage in part or full. After the fixed rate period you are normally free to redeem the mortgage in full without penalty* - allowing you to remortgage if you want to.
We search through all the companies with the best fixed mortgage interest rates, whether you want to fix for 2 years or 3 years. Longer fixes are also available, for example 5years and 10 years, and you can even get a 15 year fixed mortgage rate in Britain, or 20 year fixed mortgage rate in Britain for that matter!
* The majority of lenders have an exit fee of some nature, often called an early redemption administration charge whenever you redeem a mortgage in full.
Areas covered include: Wetherby, Tadcaster, Boston Spa, Collingham, Kirk Deighton, Leeds, Harrogate, York...
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