Compare 5 Year Fixed Rate remortgages
A five year fixed rate remortgage can offer some protection against potential interest rate rises, because your mortgage repayments will remain fixed for 5 years after the date of remortgage. Fixed monthly repayments for a five year period can be reassuring and can offer various benefits for people who are looking to remortgage.
Bear in mind, however, that if interest rates drop during the fixed five year period of the remortgage, you could find yourself stuck with non-competitive monthly repayments. Additionally, if rates rise substantially over the 5 year term, you could be faced with a hefty increase in your monthly repayments when your existing five year deal ends.
Finding top 5 year fixed rate remortgage deals
Remember to compare the interest rates offered by lenders as well as any fees and eligibility criteria. You should check whether you're tied to the mortgage deal for a fixed term, whether the rate of interest applied during this time is fixed or variable (and if so what rate it tracks) and whether early repayment charges will apply if you want to overpay. As with any remortgage deal, you will need to check the lender's specific requirements and ensure that you are eligible before you apply. When considering a remortgage application, mortgage lenders will look at factors such as:
- How much existing equity do you have?
- How much do you earn?
- How stable is your income?
- Do you have any outstanding debts?
- Do you have a good credit history?
How to find a 5 year fixed rate remortgage
Lender rates change daily, and with a multitude of different 5 year fixed rate remortgage products available, it’s difficult to compare them all before making a decision. Using our FREE online mortgage calculator, you can compare the whole of the UK remortgage market in an instant. Use the comparison tool above to compare 5 year fixed rate remortgage offers with a selection of market leading deals available right now. Get over 5,000 personalised mortgage deals instantly – just fill in the form above.