Jason Bailey

Expertly compared by Jason Bailey

Products Updated October 12, 2021

 

Compare Fixed Rate Mortgages

View and compare the best fixed rate mortgages from a wide range of lenders on the market. If you are specifically looking for a great fixed rate mortgage deal then we can help find you the best rates from a wide range of mortgage lenders, banks and building societies. Compare 2 year, 3 year, 5 year and 10 year fixed rate deals from across the marketplace.

 

Free mortgage advice and brokerage service. Our experts can find you the perfect deal from thousands of products & exclusive deals:

Your home may be repossessed if you do not keep up repayments on your mortgage.

Results:1 providers expertly compared:

Lending Expert

Why?

This provider is our Expert’s Choice in its category as it won tops marks for the following.

  • TRUST
  • VALUE
  • EXPERTISE & KNOWLEDGE
  • CUSTOMER SERVICE

Learn more about how we review and assess the providers here on Lending Expert.

LTV
60% - 100%

Initial Rate
1.19% - 4.32%

Standard Rate (SVR)
3.94% - 4.79%

APRC
3.6%

Type
Variable & 3 ,5 & 10 Fixed Rate

Rated 4.9/ 5

All credit types

The mortgage experts at First Choice Finance can quickly assess your requirements and search the market place to find you the perfect mortgage deal. Click get a quote to make an enquiry today.

Read our customer and visitor reviews for this product:

Rating: 4 / 5 with 2 votes

Simple application process

by K Wheeler

Simple application process - broker was kind and offered advice.

Quick search

by James Hilton

This is a quick mortgage search facility and shows many lenders across the market. Impressed with the level of detail on each product.

Start Your Fixed Rate Mortgage Application Today With Lending Expert!

Fixed-rate mortgages are home loans which have a fixed interest rate for the entire duration of the loan. This means that the interest rate at the start of the loan term will be the same from beginning to end. 

Unlike other mortgages, such as adjustable-rate mortgages, the interest rate is not subject to any fluctuation or variation of market conditions. For that reason, they are great for consumers who want to know exactly how much they will need to pay per month.

The majority of fixed-rate mortgages are amortised loans meaning that it has scheduled, periodic payments. 

Borrowers who prioritise certainty or who want to hold their property at a more long-term basis, often favour fixed-rate mortgages due to their consistency and predictability.

Lending Expert is a fixed rate mortgage broker and can compare over 1,000 mortgage deals across the UK. Whilst high street banks will typically offer fixed rate mortgages too, we can help find the best option for you with rates from 1.39% per month, whether you are looking for interest only, fixed, variable, tracker or have a bad credit history.

Start by clicking on ‘Check my Eligibility’ below and enter some basic details about you and your property – and Lending Expert will be able to help you find the best fixed rate mortgage according to your requirements. 

 

Key Features

  • Used for renting out property to tenants
  • Rates from 1.39% per month
  • Borrow up to £2 million
  • Loan Term – 1 to 25 years or upon request
  • Minimum 25% deposit
  • Interest only, fixed, tracker mortgages available
  • Rent charged should be 125% to 145% of mortgage repayments
  • Free tool to compare fixed rate mortgages

 

What Is a Fixed Rate Mortgage?

A fixed rate mortgage is a loan which has a fixed interest rate throughout the loan term, regardless of market conditions. They provide stability and predictability as borrowers know exactly how much they will need to pay back each month.

 

How Much Is a Typical Fixed Rate Mortgage?

The average rate for a fixed rate mortgage with a standard loan term of 30-years is currently 3.99% although this can range from as low as 3.13% to as high as 7.84% depending on the lender.

Home loans with shorter terms or with an adjustable rate structure can often have lower average interest rates.

 

What Areas of the UK Does Lending Expert Cover as a Fixed Rate Mortgage Broker?

We proudly offer fixed rate mortgages across the entire UK, Scotland and Wales including Birmingham, Brighton, Bristol, Cardiff, Edinburgh, Glasgow, Leeds, Liverpool, London, Manchester, Nottingham, Newcastle, Sheffield and more.

 

How Much Can I Borrow From a Fixed Rate Mortgage?

Speak to an expert today in order to find out how much you can borrow from a fixed rate mortgage.

Fixed rate mortgages are easy to plan in the long run as the amount of interest is consistent across the loan term. Therefore, it is easy to budget alongside any other outgoing payments.

 

Can I Get a Fixed Rate Mortgage?

  • Aged 25 to 85 years’ old
  • Minimum income of £25,000 per year
  • Minimum deposit 25% of overall property value
  • Good credit status 
  • Strong financial record (limited defaults, arrears)
  • The property has potential value and can be rented out

 

The typical deposit required for a fixed rate mortgage is 25% of the property value, with some lenders requiring around 40% to 45%. Larger deposits will usually result in paying lower rates overall, since you have paid off and own more of the property. Putting down a higher deposit may also be a requirement for those individuals with limited financial records or weaker credit ratings.

 

What Other Factors May Impact Eligibility for a Fixed Rate Mortgage?

Many different factors could impact your eligibility to secure a fixed rate mortgage. 

These include, but are not limited to, the following:

  • Credit score (this can affect the agreed interest rate)
  • Home location
  • Deposit amount
  • Home price and loan amount

 

 

Is a Fixed Rate Mortgage the Best Option for You?

Fixed rate mortgages are great for borrowers who crave stability. With these types of loans, the borrower is protected from any unexpected surprises such as a sudden increase in interest rate.

This type of mortgage is also one of the most straightforward on the market and varies very little between lenders. 

However, the downside of these mortgages is that in a time where interest rates are high, qualifying for a loan is more difficult as the monthly payments are less affordable.

Although the monthly payment will be the same each month, this amount will depend on the agreed mortgage term. This will depend on the lender and the length of the term. Typically, these tend to be over 15, 20 or 30 years.

The longer the loan term, the lower the monthly payment. However, the downside of this is that the cost may be higher overall because you are paying it over a longer period of time.

 

What Is the Difference Between Fixed-Rate and Adjustable-Rate Mortgages?

Fixed rate mortgages come with a set interest rate which remains constant throughout the loan term. Although the interest rate may vary between lenders, that rate will remain fixed for the duration of the loan. For this reason, fixed-rate mortgage payments make budgeting straightforward for homeowners.

Something that does change over the course of a fixed-rate mortgage is the breakdown of principal and interest payments over the life of the mortgage; however, the overall monthly payment is always the same.

On the other hand, adjustable-rate mortgages operate with a variable interest rate. The initial interest rate for this type of loan will depend on the market rate and therefore is subject to fluctuation over time.

Typically, adjustable-rate mortgages have a fixed period of time in which the interest rate will remain constant. This “fixed-rate” period will depend on the lender and can vary greatly. After this initial period, the interest rate will be subject to current market rates.

 

Fixed Rate Mortgage Providers

Many lenders on the market offer competitive rates for fixed rate mortgages. 

At Lending Expert, we compare the fixed rate mortgage market in order to find the best provider to suit your needs.

Rather than approaching the lenders directly and dealing with their in-house advisors, working with a mortgage broker will offer impartial advice to get you the best deal on the market.

 

How Do I Compare Fixed Rate Mortgage Rates?

Working with a mortgage broker such as Lending Expert will help you find the best mortgage to suit your circumstances without impacting your credit rating.

Contact us today to speak to an expert and start comparing fixed rate mortgages to find the best option for you.

 

What To Consider Before Getting a Fixed Rate Mortgage

Prospective buyers should always consider the following factors before deciding to take out a fixed rate mortgage: 

  • Loan term
  • How does the interest rate compare to market rate
  • Break fee (fees incurred if you want to repay your mortgage early)
  • Limits on extra payments

 

What Happens if I Do Not Keep Up With Repayments?

Your fixed rate mortgage is secured against the property meaning that any late repayments will lead to a damaged credit score, late penalties and maybe even risk of property repossession from the bank or lender. Luckily, with fixed rate mortgages, it is easy to budget monthly payments and do any long-term financial planning.

 

Why Use Lending Expert As Your Fixed Rate Mortgage Broker?

Working with a number of high street banks and specialist mortgage lenders, Lending Expert has access to over 1,000 mortgage deals available and is in the perfect position to help you get approved and get the best rates.

Our eligibility checker is completely free to use and can provide an indicative quote, with no obligation. 

Founded in 2013, we have years of experience working in the secured loan and mortgage market and have helped thousands of customers to date. Our values have always been to find the right product for the right individual at the competitive rate – and we are pleased to offer our services for you today!

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