Representative Example: £150,000 mortgage over 25 years initially at 1.94% fixed for 39 months reverting to 4.54% variable for 45 months and 4.29% variable for term. 39 monthly payments of £631.41, 45 monthly payments of £811.00 and 216 monthly payments of £795.27. Total amount payable £234,181.31 includes loan amount, interest of £82,898, valuation fees of £188 and product fees of £995. The overall cost for comparison is 3.8% APRC representative.
Moneyfacts.co.uk Best Buys show the best products chosen by our independent experts.
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YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Written quotations are available from
individual lenders. Loans are subject to status and valuation and are not available to
persons under the age of 18. All rates are subject to change without notice. Please
check all rates and terms with your lender or financial adviser before undertaking
If you need a level of security for your monthly payments, or if you think interest rates may rise (as they inevitably will from their current historic low), fixed rates are worth considering. Although the rates on 3 year fixed rate mortgages might be a little higher than 2 year fixed rates, the fees charged are broadly similar.
Fixed rates are useful for planning your budget around future life events that match the term of the mortgage; for example, if you are planning to start a family, although you will need to be able to demonstrate that you can afford the mortgage even after the three year period has finished. When you look at our best buys, you will see that we have selected products from across different loan-to-value tiers in order to give a wide overview of what’s available.
However, if you can’t find a product that’s right for you don’t worry – you can use our quick and easy mortgage search to access a more comprehensive list of mortgages.
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