Looking for the best fixed mortgage rate deals?

A ‘fixed rate’ mortgage simply means that the interest you pay on your home loan is guaranteed not to increase for a set period, which is ideal if you want to know for certain what your monthly repayments will be.

With the Bank of England base rate sitting at an all time low, many UK home buyers are choosing a fixed rate mortgage, because a rate increase would be more likely than a reduction – although, in theory, either could happen.

So if you’re looking to take advantage of the current low interest and lock into an agreed lending rate, here are some of the best fixed mortgage rate deals we came across.

  • Chelsea Building Society – The Chelsea is offering a two year fixed rate package at 2.39 per cent. After the two years is up, the mortgage reverts to a standard variable rate of 5.79 per cent. It is available up to 70 per cent loan to value (LTV) and is open to home movers, remortgagers and first time buyers. The minimum amount you can borrow is £25,001 and it comes with an application fee of £195 and completion fee of £1,300.
  • Nationwide Building Society – A three year fixed rate loan is being offered at 2.89 per cent. This is one of the best three year fixed mortgage rate deals on the market. It is available up to 70 per cent LTV for home movers, first timers and those looking to remortgage. The mortgage has a £900 product fee and £99 booking fee, with a £500 product fee discount for first time buyers.
  • Yorkshire Building SocietyYBS has a five year fixed rate deal at 3.49 per cent. After five years, the interest reverts to the standard variable rate, currently 4.99 per cent. This loan is available up to 75 per cent LTV for those who are moving home, remortgagers and first timers. It comes with an application fee of £195 and a completion fee of £800, and the minimum amount you can borrow is £25,001.


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