Fixed Mortgage Quotes & Rates - Apply Online

Get free fixed rate mortgage quotes using our online quote system below. Search for fixed mortgage rates from the whole market, receive upto £150 cash back on completion when you submit your mortgage application online, and get expert independent advice from one of our qualified brokers.

Request Fixed Rate Mortgage Advice

To request independent fixed mortgage advice from one of our qualified mortgage brokers you can either follow the link above and complete our short enquiry form or complete the call back request to your left and we will call you back. Our mortgage advice service is independent, whole of market and typically fee free. And if you submit your advice request online you may be entitled to up £150 cash back on completion.

FIxed Rate Mortgages Explained

Fixed rate mortgages are probably the easiest mortgage type to understand. The interest rate is fixed for a specified period of time usually either 2,3,5 or occasionally in the 10 years. Some products actually have a specific end date and other will simply run for a certain number of years from the day the mortgage completes.

Because the interest rate is fixed during the initial term your payments will not vary and wil be unafected by movements in either the Bank of England Base Rate or the rate at which banks lend to each other, known as Libor. When the initial fied rate comes to an end you will usually revert back to the lenders standard varaiable rate and your monthly payments would then begin to fluctuate with interest rate movements.

This means fixed rate mortgages are good for those people who need to budget and cannot afford their mortgage payments to go beyond a specific point, however they may also wish to consider capped rate mortgages too. Fixed rates generally are more expensive than variable rates so they present a trade off between security of guranteed payments and overall value for money.

It is usuall for fixed rate products to have early repayment charges during the initial term or fixed term. This means that if you pay back any extra sum off the mortgage you may be subject to an extra levy for repaying the mortgage early. Most mortgages will have early repayment charges and it is standard for most products to allow you to make between 5-10% overpayments per year before incurring this charge, however early repayment charges are usually significantly higher on fixed rates so if you intend to repay large portions of your mortgage off early advice should be taken on whether a fixed deal is approriate.

Borrowers looking at fixed rate mortgages should remember that once the initial term comes to an end there could be a considerable increase in overall borrowing costs if interest rates have risen sharply over the fixed term. Before taking a fixed deal it is also wise to take advice on whether interest rates are likely to rise or fall over the term although this can be hard to predict.

The Pros and Cons of Fixed Mortgage Rates

Pros:

• No changes to mortgage payments during the fixed term
• Can be better value for money in a rising interest rate environment
• Easy to budget and provides financial security
• Can be used to provide a financial cushion during life changing events such as pregnancy

Cons:

• Typically have a higher interest rate than variable, discount or tracker rates
• Usually have higher arrangement costs
• Stuck with higher payments if interest rates fall
• Likely to have less flexible payment terms such as unlimited overpayments
• Usually have much higher early repayment charges often upto 5% of the remaining balance

Other Mortgage Products You May Be Interested In

• Offset Mortgage Rates
• Tracker Mortgage Rates
• Flexible Mortgage Rates
• Discount Mortgage Rates
• Capped Mortgage Rate
• Variable Mortgage Rates