Skip to main content

Fixed Rate Mortgages

At Deedle Finance, we specialise in finding you the best mortgage rates on the market. Our dedicated team strives to understand your unique needs in order to secure the best deals available.

Our mortgage advisors take the time to learn your needs and budget so they can match you with the best fixed rate mortgages on the market for completely free.

Name(Required)
Consent(Required)

Begin your mortgage journey today

Get Started

How To Get A Fixed Rate Mortgage

Step 1
Complete Deedle's Form
Enter key details on our online form including your name, contact information and requirements.
Step 2
Get A Callback
When you submit your quick online form, our professional advisors will contact you to provide guidance throughout the mortgage process.
Step 3
Check If You Qualify
Our advisors will ask for some key pieces of information such as your annual income. This is to assess your borrowing capacity and find the best interest rates for you.
Step 4
Receive Your Fixed Rate Mortgage
Once we have found a loan to suit your borrowing requirements, our advisers can submit your mortgage application and help you get on the property ladder ASAP!
What-Is-a-Fixed-Rate-Mortgage

What Is a Fixed Rate Mortgage?

A fixed rate mortgage is a type of home loan where the interest rate remains the same throughout the entire duration of the loan. This means that your monthly mortgage payments will also remain unchanged for the term of the loan.

The loan term for fixed rate mortgages is typically 15 or 30 years, although other options may be available.

Fixed rate mortgages offer stability and predictability, making them popular among homeowners who prefer consistent payments and protection against potential interest rate fluctuations.

How Do I Qualify for a Fixed Rate Mortgage?

The qualification criteria for a fixed rate mortgage are similar to other types of mortgages and may include factors such as:

  • Credit score
  • Income
  • Employment history
  • Debt-to-income ratio

Lenders will assess your financial profile to determine your ability to make monthly payments and meet the requirements for the loan.

How-Do-I-Qualify-for-a-Fixed-Rate-Mortgage

What Are the Advantages of a Fixed Rate Mortgage?

  • Stability: Monthly mortgage payments remain consistent over the loan term, making budgeting and financial planning easier.
  • Protection against rising rates: Even if interest rates increase, your mortgage rate remains unchanged, providing security against future rate hikes.
  • Predictable payments: Fixed rate mortgages offer peace of mind, as you know exactly how much you’ll pay each month for the duration of the loan.
  • Longer loan terms: Fixed rate mortgages are available with various terms, such as 15, 20, or 30 years, allowing you to choose a term that suits your financial goals.

What Are the Disadvantages of a Fixed Rate Mortgage?

  • Potentially higher initial rates: Fixed rate mortgages may have slightly higher interest rates compared to adjustable rate mortgages (ARMs) at the time of loan origination.
  • Limited flexibility: Once you lock in a fixed rate, you cannot take advantage of potential rate decreases unless you refinance.
  • Prepayment penalties: Some fixed rate mortgages may come with prepayment penalties if you pay off the loan early or make extra payments beyond the agreed terms.

Get the best rates for fixed rate mortgages

Get Started

Should I Get A Fixed Rate Mortgage Through a Broker?

Yes, or at least you should consider it. Brokers have access to hidden deals and can negotiate with lenders to get you the best possible rates on any type of mortgage.

At Deedle, our dedicated team of mortgage advisors are committed to guiding you through every step of the process, from the initial consultation to the completion of your mortgage. We take care of paperwork, liaise with lenders, and ensure a seamless experience, saving you time, stress, and effort.

Regardless of your credit history, self-employment status, or retirement situation, our team of experts is here to assist you in finding the mortgage that aligns with your needs. With our extensive industry experience, we meticulously search through a wide range of mortgage deals to find the perfect fit for your specific circumstances and requirements.

Fixed Rate Mortgage Representative Example

if you take out a fixed-rate mortgage of £200,000 with an interest rate of 3.5% for a term of 25 years, your monthly repayment would be £1,002.05.

Find the cheapest fixed-rate mortgage deals

Get Started

Can I Switch From a Fixed Rate Mortgage to an Adjustable Rate Mortgage (ARM)?

Yes, it is possible to switch from a fixed rate mortgage to an adjustable rate mortgage through refinancing. ARMs typically offer an initial fixed rate period followed by periodic rate adjustments based on market conditions. Before switching, evaluate factors such as:

  • The length of time you plan to stay in the home
  • Your risk tolerance
  • Your ability to handle potential rate fluctuations

How Does the Length of the Fixed Rate Term Affect the Mortgage?

The length of the fixed rate term can impact your monthly payments and overall interest costs.

  • Shorter-term fixed rate mortgages, such as 15 years, often have higher monthly payments but lower interest rates and total interest costs over the life of the loan.
  • Longer-term fixed rate mortgages, such as 30 years, offer lower monthly payments but generally have higher interest rates and may result in higher total interest costs over time.

Frequently Asked Questions About Fixed Rate Mortgages

Can I Pay Off My Fixed Rate Mortgage Early?

Yes, it is generally possible to pay off a fixed rate mortgage early. However, some mortgages may have prepayment penalties or restrictions, so it’s important to review the terms of your specific loan.

Are Fixed Rate Mortgages Suitable for Everyone?

Fixed rate mortgages are popular among borrowers who value stability and prefer predictable monthly payments. They are also suitable for individuals who plan to stay in their homes for a longer period and prefer the security of a fixed rate.

What Happens at the End of the Fixed Rate Term?

At the end of the fixed rate term, your mortgage will typically transition to a variable rate or adjustable rate period, unless you choose to refinance or pay off the loan. When the fixed rate term ends, your interest rate may adjust based on prevailing market rates, which can result in changes to your monthly payments.

Can I Make Extra Payments Towards My Fixed Rate Mortgage?

Many fixed rate mortgages allow borrowers to make extra payments towards their loan principal, reducing the overall balance and potentially shortening the repayment term. Making extra payments can help save on interest costs and potentially enable you to pay off your mortgage earlier.

Can I Switch Lenders During My Fixed Rate Term?

Yes, but switching lenders typically involves refinancing your mortgage, which may incur fees such as closing costs, appraisal fees, and application fees.

Deedle Finance is the trading name of Tudor Lodge Digital Ltd which trades under company number: 10437769.

Deedle Finance does not provide advice on regulated mortgage contracts or credit agreements, these are carried out by one of our independent FCA regulated associates. 

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENT ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.

Quick Links

Contact Us

Privacy Policy

Terms & Conditions

Sitemap

Contact Us

020 8064 2758

Deedle Finance
First Floor, 5 Fleet Place,
London, EC4M 7RD
Find Us on Google Maps