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Mortgage brokers can help you access exclusive products and rates
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Whether you’re buying or selling, you’ll need to instruct a conveyancer.
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Find out how much you could borrow on a mortgage using our calculator.
Access exclusive rates
Mortgage brokers can help you access exclusive products and rates
Find a Conveyancer
Whether you’re buying or selling, you’ll need to instruct a conveyancer.
How much can I borrow?
Find out how much you could borrow on a mortgage using our calculator.
Access exclusive rates
Mortgage brokers can help you access exclusive products and rates
Find a Conveyancer
Whether you’re buying or selling, you’ll need to instruct a conveyancer.
How much can I borrow?
Find out how much you could borrow on a mortgage using our calculator.
Mortgage Advice Bureau offers fee free mortgage advice for Moneyfacts visitors that call on 0808 149 9177 or email moneyfacts@mab.org.uk. If you contact Mortgage Advice Bureau outside of these channels you may incur a fee of up to 1%.
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DisclaimerCredit 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 any borrowing.
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Whether three years is the best term for your needs will largely depend on the wider economic environment, as well as your personal circumstances. That said, three years could be the perfect amount of time if you want some repayment security and a reasonably-priced fixed rate. View today's best rates below or read our guide to three year mortgages to learn more.
A three-year fixed mortgage is a mortgage that keeps the interest rate fixed for the first three years that you have it, meaning you can know the exact amount you’re going to need to repay every single month until the deal ends. After the initial fixed rate period of three years ends, your lender will automatically transfer you to their revert rate, which may be a standard variable rate (SVR) or other managed interest rate, which will tend to be much higher. This is why most borrowers will want to make sure they remortgage to a new fixed (or discounted variable) rate deal when the old one ends, to avoid seeing a spike in their repayments.
Mortgage brokers remove a lot of the paperwork and hassle of getting a mortgage, as well as helping you access exclusive products and rates that aren’t available to the public. Mortgage brokers are regulated by the Financial Conduct Authority (FCA) and are required to pass specific qualifications before they can give you advice.
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Mortgage Advice Bureau offers fee free mortgage advice for Moneyfacts visitors that call on 0808 149 9177. If you contact Mortgage Advice Bureau outside of these channels you may incur a fee of up to 1%. Lines are open Monday to Friday 8am to 8pm and Saturday 9am to 1pm excluding bank holidays. Calls may be recorded.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Three-year mortgages are most suitable to people who wish to have certainty over their mortgage repayments for the medium term. The table above allows you to easily see how big a deposit/equity you will need for each mortgage, while the details tell you whether the product is for home buyers, remortgagors or both.
As with any mortgage application, you’ll want to make sure that your credit rating is as good as it can be – alongside whether you can afford the repayments, this is the main thing lenders will look at when deciding if you are eligible for their product. Keep in mind as well that if you apply for a mortgage and get rejected, your credit rating will likely be negatively affected, so make sure you have all your ducks in a row before you submit an application.
Before you apply for a fixed rate mortgage it's important to check your credit score.
The main advantage of a three-year fixed rate mortgage is that it can provide you with a longer period of repayment security than a two-year deal. Additionally, it means you do not need to search for a new mortgage as quickly and pay any fees associated with a new mortgage again after just two years. Also, in contrast to a five year or even a ten year mortgage, you would still be able to reassess your mortgage after three years, at which point the market might have changed enough that it makes sense to remortgage.
If mortgage rates drop within the following three years, you could end up paying over the odds. However, even if this happens and remortgaging early would make a substantial difference, you usually have the option to switch earlier – on payment of a fee. The same fee tends to apply if you choose to repay your mortgage early, with the cost typically being higher the earlier you try to leave the deal, which is why it might be wise to keep these charges in mind when deciding which mortgage to choose.
Another potential disadvantage, depending on the deal you find, is that fixed rate mortgages tend to come with higher fees than variable rate products. Fixing for three years might also be unsuitable for those who are planning to move in the next few years, as not all mortgages will allow you to take the deal with you when you move, and those that do may charge hefty fees for the privilege – even more reason to compare mortgages before committing to a deal.
If you can't find a product that's right for you, don't worry – try our quick and easy mortgage comparison to access a fully comprehensive list of all mortgages, based on your criteria.
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A mortgage broker specialises in finding mortgage lenders who will meet your needs for a mortgage. They do this by providing you with advice and recommending the mortgages most suitable for you. They will then manage completing your mortgage application.
Mortgage brokers remove a lot of the paperwork and hassle of getting a mortgage, as well as helping you access exclusive rates.
To get an accurate affordability check you'll want to know what counts as income, so you can declare everything you have to offer. Our helpful guide explains.
To get an accurate affordability check you'll want to know what counts as income, so you can declare everything you have to offer. Our helpful guide explains.
For a more comprehensive evaluation of a property, you should choose a home buyer report or the more detailed full structural survey. Our helpful guide explains the differences.
For a more comprehensive valuation of a property, you should choose a home buyer report or a detailed structural survey. Our guide explains the differences.
There can be many different fees involved when getting a mortgage. From booking fees to CHAPS fees, our helpful guide explains everything you need to know.
There can be many different fees involved when getting a mortgage. From booking fees to CHAPS fees, our helpful guide explains everything you need to know.