2 Year Fixed Rate Remortgage
Find the best 2 year fixed remortgage for your circumstances
With the recent increase in the base rate by the Bank of England mortgage rates are starting to rise
See whether you can save money on your mortgage using our independent service or you can call us on 0117 980 7743 (8.30am to 6pm – Monday to Friday)
2 Year Fixed Rate Remortgage
A two year fixed rate remortgage deal will protect you against potential interest rate rises, because your monthly mortgage repayments will remain fixed for the length of the agreement.
Two year fixed rate remortgages often come with a higher arrangement fee than tracker remortgages. Despite this, they remain popular with borrowers as they offer the benefit of fixed monthly repayments. Because your monthly repayments are fixed for a two year period, your monthly repayments will remain the same even if interest rates increase.
However, if rates drop during the two year period you will not benefit from the lower interest rates that are available. Also, if rates do rise over the two year period, you could face a steep increase in your monthly repayments when your two year deal ends. At this point, you may want to consider remortgaging again to ensure you are still getting a good deal.
2 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 mortgage or remortgage, you will need to check the lender’s specific requirements and ensure that you are eligible before you apply. Remortgage lenders will consider criteria 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?
Finding a 2 year fixed rate remortgage
Lender rates change daily and with a multitude of different remortgage products available it’s near impossible for an individual to compare them all. Using our mortgage tables, you can compare the whole of the UK remortgage market in an instant.