Fixed Rate Mortgages Comparison
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Compare Fixed Rate Mortgages
Cheap Fixed Rate Mortgages
Here at Tiger.co.uk, you can quickly compare fixed rate mortgage rates at a glance with our easy-to-use online system. We can help you find some fantastic deals with our range of cheap fixed rate mortgages.
What is a fixed rate mortgage?
A fixed rate mortgage is when you lock interest rates on your mortgage for an agreed amount of time. For example, you might agree to pay a fixed interest rate of 6% for the next 2 or 5 years. Usually, fixed rates are offered for between 1 to 10 years.
How do fixed rate mortgages work?
Fixed rate mortgages operate on a fixed interest rate for the time that you take out the mortgage. So for example if the deal for your mortgage is a fixed rate of 5%, then this is what you will pay in monthly interest for the duration that the fixed rate is in effect. This is good for budgeting your monthly repayments as you’ll know exactly how much you need to repay every month as opposed to a variable rate mortgage.
What is a variable rate mortgage?
A variable rate mortgage, sometimes known as a tracker mortgage, is when the interest rate is tied to the Bank of England interest rate.
What are the benefits of a fixed rate mortgage?
Interest rates are set by the Bank of England and can fluctuate depending on the economic situation. A fixed rate mortgage can give you the benefit of a stable interest rate, potentially saving you money if interest rates go up during the time that yours is fixed. Of course, the opposite is also possible, if interest rates go down, your rate will stay the same.
What is the best fixed term for mortgage?
Choosing the best term for a fixed rate mortgage depends on a number of factors. Consider the following when deciding.
- Will you want to move? If you think you might move again in a few years, you will have to renegotiate your deal. Potentially you may have to pay a fee to get out of a fixed rate agreement to enter into a new mortgage agreement. This could end up costing you more money in the long run.
- The longer the term, the higher the interest rate the bank will usually offer you. The longer the fixed rate term, the harder it is to predict what the markets will look like in the future, so lenders will add this risk into the interest rate that they will offer you, sometimes resulting in a higher interest rate.
Where can I find cheap fixed rate mortgages?
You have the best chance of finding good deals by shopping around. When you compare fixed rate mortgage rates on offer from a variety of lenders, you gain clarity on what’s a good deal for you. That’s where we come in. With an unbiased comparison site like Tiger.co.uk, you can easily compare fixed rate mortgage rates from a range of suppliers in moments.
Find great deals with Tiger.co.uk
Whether you’re looking for an interest only mortgage or a repayment mortgage, here at Tiger.co.uk we’re committed to helping you find fantastic deals. We make it easy to compare fixed rate mortgage rates at a glance with our expertly designed system.