5 Years Fixed Rate mortgages can offer a borrower certainty and peace of mind with their monthly mortgage costs, by fixing your interest rate you will benefit from a fixed monthly payment. By taking a five year fixed rate mortgage you can remove the risk of fluctuating variable and tracker mortgage rates for the next 5 years and know exactly how much you need to pay each month. For this reason the vast majority of cautious borrowers and first time buyers will look to secure a Fixed Rate Mortgage.
Whilst there are many banks offer a variety of fixed rate products, it is vital to consider the entire mortgage market when it comes to arranging the best fixed rate.
A 5 Year Fixed rate product will also carry a 5 year tie in; careful consideration should be given to Early Repayment Charges, Overpayments Facilities, Further Borrowing and Portability before agreeing to such a long term mortgage rate. A Mortgage Adviser can answer any questions and offer advice on any potential products Early Repayment Charges, Overpayments, Further Borrowing and Portability.
With the help of a Mortgage Adviser or Mortgage Broker you can harness their wealth of product knowledge and access the entire market; giving you all of the information in order to make your decision on which Fixed Rate Mortgage is best for you.We can put you in touch, free of charge, with a mortgage broker that will find the best 5 year fixed rate mortgage for you; they approach hundreds of lenders directly, on your behalf! Getting a 5 year fixed rate mortgage product has many advantages, fixing a rate for 5 years can make it simple to know what your payments are and not having to arrange a remortgage for at least 5 years.