Can I get a fixed rate mortgage with no deposit?

It may be possible for first-time buyers to get a fixed rate mortgage without a deposit as some lenders offer 100% mortgage deals. However, eligibility for these deals will depend on the individual situation of the borrower and the terms of the lender, and it’s worth bearing in mind that these mortgages may have strict eligibility criteria, charge higher interest rates and come with a higher risk of falling into negative equity . Speak to a mortgage broker to get advice on whether these mortgages are suitable for your situation.

What fees are involved in getting a fixed rate mortgage?

Fixed rate mortgages can come with a range of fees and charges, including: product or arrangement fees valuation fees legal fees broker fees. The exact fees charged vary between lenders and mortgage products, with some deals offering free valuations or waiving any arrangement fees, for example. Moreover, broker fees will only apply if you take out a mortgage via a broker that charges borrowers for its services; some brokers don’t charge borrowers as they earn commission from the lender instead.

Can you get a fixed rate mortgage with bad credit?

Some lenders offer fixed rate mortgages to borrowers with a poor credit history, but they will assess the overall financial situation of the borrower (including income, expenditure, current debt commitments and employment status) before making a decision. The reasons for your bad credit history, and how bad it is, will also influence its decision. A lender will only approve a mortgage application if it’s confident the borrower will be able to repay it. Note that mortgage lenders may charge higher interest rates to borrowers with bad credit. If you have a less-than-perfect credit score, it’s worth talking to a mortgage broker to help you find the right mortgage deal for your situation.

Can I change the term length of my fixed rate mortgage after I’ve started it?

No. Once you’ve locked into a fixed mortgage deal, you won’t be able to change the length of the term. Your only option would be to repay the mortgage early (which may come with additional charges) and move to a different deal with a fixed term length you prefer.

How do fixed rate mortgage terms affect the total cost of borrowing?

Fixed terms affect the total cost of a mortgage because they determine the interest rate you will be charged for the initial period, which could range from two to 10 years. Shorter fixed terms typically charge lower interest rates than longer fixed terms, but this can depend on market conditions. As well as the fixed term, the “revert rate” (or Standard Variable Rate ) which applies once the fixed term ends will also affect the total cost of borrowing. The annual percentage rate of charge (APRC) calculates the total cost of a mortgage over one year, taking into consideration the initial fixed rate, the subsequent rate it reverts to and any standard fees. Note that the APRC assumes you don’t change your mortgage during the term and don’t move to a new fixed deal once your existing fixed term ends, for example.

Can I switch from a fixed rate mortgage to another deal before it ends?

You can switch from a fixed rate mortgage to a different deal before the end of the term, but this may come with additional charges. If you’re in the middle of a deal and want to leave, you may need to pay an early repayment charge , which will usually be a percentage of your total outstanding balance. Contact your lender to find out how much it may cost to end your current mortgage deal early. If you only have a few months left on your fixed term, you may not need to pay these charges to move mortgage deals.

Compare the Best Fixed Rate Mortgages

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Looking for the best fixed rate mortgages? If you want the certainty of stable monthly repayments for a fixed period to help you plan your budget effectively, see our chart below to discover the latest fixed mortgage rates.

Moneyfactscompare.co.uk, one of the UK’s longest-running comparison sites, has been helping consumers with their financial decisions for 25 years. Ready to begin? Our charts are updated throughout the day to allow you to compare today’s lowest rates and find the most competitive fixed rate mortgage deals in the UK right now.

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