Representative Example: £150,000 mortgage over 25 years initially at 2.55% fixed for 62 months reverting to 5.19% variable for term. 62 monthly payments of £676.71 and 238 monthly payments of £850.93. Total amount payable £245,792.36 includes loan amount, interest of £94,477, valuation fees of £185 and product fees of £995. The overall cost for comparison is 4.3% APRC representative.
Moneyfacts.co.uk Best Buys show the best products chosen by our independent experts.
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Credit will be secured by a mortgage on your property. YOUR HOME MAY BE REPOSSESSED IF
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
A greater period of repayment security can be gained by opting for a longer term fixed rate. As well as security, with a longer term fixed rate you do not need to search for a new mortgage every couple of years, (and pay the fees associated with a new mortgage), as you might do with a shorter term fixed mortgage.
The risk with a longer term fixed rate is that if rates drop, you could end up paying over the odds. This is not a large risk in the current low rate environment, but in this situation you may decide you want to change your mortgage before completing the initial fixed rate term to save money. Most fixed rate mortgages charge a fee if you want to change or repay your mortgage early, so it is wise to bear these charges in mind when you are deciding which longer term fixed rate mortgage to take. These charges might be very expensive, particularly in the early years.
When you look at our best buys, you will see that we have selected the best 5 - 10 Year fixed rate mortgage 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.
How much will I pay monthly?Work out how much your monthly mortgage repayments will be.
How much do I need to borrow?Work out how much money in total you will need to borrow in order to get a mortgage.
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