Compare best fixed rate mortgages
Advantages of fixed rate mortgages include
- Knowing exactly how much you will be paying in interest, making it easier to budget and plan ahead
- Protection from rises in interest rates from the Bank of England
Fixed rate mortgage deals are the most popular with UK homebuyers. This ensures that, with such a competitive market, consumers should be able to find the best fixed rate mortgages by taking the time to look at a number of different providers. Fortunately, fixed rate mortgages are generally seen as one of the most reliable types of interest rate agreement on the market. In order to find the best fixed rate mortgages available, it is recommended to research the market as much as possible for mortgage comparisons.
A fixed rate mortgage works under the basis that the provider will agree a fixed interest amount with the customer over a set period of time. This period can be anything from 2, 5 or even 10 years.
The advantage of fixed rate mortgage is that as the name suggests, interest rates will remain the same for the duration the agreement, and cannot be increased by the provider. It is for this reason that they are generally regarded as an extremely safe option by borrowers and policies tend be very popular.
Generally speaking, fixed rate mortgages may often appear more expensive in the short term than other types of agreements offered by lenders. Although companies may charge a slightly higher standard rate than other more variable mortgages, it should be remembered that this rate will remain the same for the entire duration of the agreement, making monthly payments very easy to budget for.
When searching for the best fixed rate mortgages that are available, customers should ideally look for a policy that is as flexible as possible. Mortgages that allow customers to take payment holidays, or even pay more per month depending on the state of their finances are generally more preferable to other inflexible policies.
If you are searching for the best fixed rate mortgage available, you may wish to see our mortgage comparisons table for more information on the various mortgage deals that are available.
Require mortgage advice? You can call our mortgage team on:
0117 332 6063
Monday to Friday 8.30am to 7pm