Secure Your Dream Home With an Fixed Rate Mortgage

Owning your dream home is within reach with our expert guidance. Our fixed rate mortgage brokers simplify the process, ensuring you secure the best rates tailored to your needs. Say goodbye to uncertainty and embrace financial stability. Contact us today for a personalised consultation, and let us unlock a world of homeownership bliss. Don’t miss this golden opportunity – enquire now!

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What Is a Fixed-Rate Mortgage?

A fixed-rate mortgage is a home loan with an interest rate that remains unchanged for the entire term of the loan. This guarantees that your monthly payments stay consistent, making it easier to budget. Many homeowners prefer fixed-rate mortgages because they eliminate the uncertainty tied to fluctuating interest rates.

These loans may come with terms of 15 or 30 years, or other durations agreed upon by the lender and borrower. Fixed-rate mortgages provide peace of mind compared to standard variable rates or tracker mortgages, where payments can vary based on the Bank of England base rate.

With a fixed-rate mortgage, you won’t need to worry about interest rates going up during your mortgage term. This stability makes it a preferred choice for those wanting to avoid the risk of early repayment charges, which might apply if interest rates go up and you wish to change your mortgage deal.

Understanding Your Fixed-Rate Mortgage Costs

If you’re considering a fixed-rate mortgage, it’s crucial to understand that the total cost depends on several factors:

  • The overall size of your mortgage.
  • The specific mortgage rate applied.
  • The length of your mortgage term.
  • Any additional mortgage fees.

For instance, if you’re looking at a mortgage size of £200,000, with an interest rate of 2%, spread over a term of 25 years and a fixed period of 5 years, your monthly payment would be approximately £848. Add in mortgage fees of around £1,000 for a clearer picture of what to expect.

Curious about what you might be able to borrow and how much it would cost? Check out our handy mortgage calculator for a personalised estimate.

Bear in mind, your fixed-rate mortgage isn’t your only expense. Remember to calculate other financial obligations like brokers fees, conveyancing fees and stamp duty. Our helpful stamp duty calculator can help you get a handle on these additional costs.

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Fixed rate mortgage benefits

  • Enjoy precise payment predictions with a fixed-rate mortgage.
  • Benefit from consistent monthly expenses, regardless of your lender’s SVR changes.
  • Relish easy budgeting with clearly defined monthly payments.
  • Be aware that your fixed rate won’t change, even if your lender’s rates drop during the introductory period.
  • Consider an early repayment charge (ERC) if you want to switch to a new rate.

Get Started Today

Speak with one of our seasoned advisors at Expert Mortgage Brokers to find the fixed-rate mortgage that best suits your needs. Secure your financial future with predictable payments and expert guidance. Don’t wait—take the first step towards financial stability today.

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Frequently asked questions

Fixed rate mortgages come with an interest rate that doesn’t shift for a set time. Variable rate mortgages, however, have an interest rate that can change. Variants include Tracker mortgages and Discounted rate mortgages.

Shorter term fixed-rate mortgages are less risky for lenders, hence cheaper. They are ideal if you plan on moving homes soon, offering the flexibility to relocate without hefty early repayment fees. Should interest rates drop, you’ll only have a brief wait before switching to a cheaper offer.

Long-term fixed mortgages shield you from potential price increases on your monthly repayments. They’re perfect if you’re not planning to move soon and want to save on yearly fees.

The longest standard duration for fixed-term mortgages is 10 years. Although these usually have higher interest rates, they offer protection against rate rises.

The end of your fixed term will depend on your mortgage details, and it would be good to discuss this with your lender.

Ideal times for a switch include when your fixed-rate term is ending, or if the Bank of England signals a potential rise in interest rates. Also, they are advisable after a decrease in interest rates when no further cuts are likely or during periods of increased competition amongst mortgage providers.

Yes, you can pay off your mortgage before the term ends. Nevertheless, be prepared for a possible early repayment charge, which can be quite high, depending on your mortgage agreement.