Compare 1 Year Fixed Rate Mortgages

Short term fixed rate mortgages ensure that repayments remain steady during the first stages of home-ownership. _ These type of mortgages are popular amongst UK homebuyers and are offered by most mortgage lenders.

  • Compare the whole market

  • Answer just 8 simple questions to start

  • See how your current or preferred lender compares

  • Apply directly with your chosen lender or through our broker partner

Think carefully about securing debt against your home. Your home may be repossessed if you do not keep up repayments on your mortgage

NerdWallet - Our awards

Award-winning comparisons you can trust

It's always nice to know you're on the right track. Over the years, as we have striven to improve the services we provide to our clients and users, we have been pleased to receive recognition for our efforts from both industry and consumer bodies.

Last updated on 29 November 2021.

One-Year Fixed Rate Mortgages FAQ

What is a one-year fixed rate mortgage?

A one-year fixed rate mortgage allows consumers to take out a mortgage and lock in a specific rate of interest on their monthly repayments for that term. Once the term expires, the mortgage interests reverts to the lenders standard variable rate interest, unless you take out a new fixed rate deal. However, one year fixed rates are almost non-existent, with most deals offered starting at 2 years.

Why fix a mortgage rate?

Fixed mortgages are an option for borrowers who wish to keep a lid on costs and have a fixed idea of what they need to repay, if they wish to set up a predictable payment plan. It means your repayment plan is unaffected, at least for the duration of the deal, even if interest rates suddenly rise, which could save you money.

Can I repay early on a fixed rate mortgage?

It should be possible to be possible to repay the mortgage early. However, almost certainly you will be charged a fee if you clear the mortgage before the fixed term is over. These can be hefty so make sure you are clear on what these are before you take the mortgage out.

What disadvantage does a fixed rate mortgage have?

One disadvantage is that if rates fall in other parts of the market after you go for one particular product, you could end up paying more than you would have been paying through a tracker mortgage, for example.

What if I want to move before my mortgage deal is finished?

You should check that your mortgage is portable if you move with the deal period. Remember that you will still need to apply for a mortgage under your lender, but if all successful, you should be able to take your deal with you. If you have to close the mortgage to move, you will be subject to early repayment charges.

What happens if I do nothing when the term ends?

If you simply come to the end of a fixed-term mortgage without having made prior arrangements, you would be switched onto your provider’s Standard Variable Rate or SVR. It serves as the provider’s effective default rate, and is variable, which means your repayments can fluctuate.

NerdWallet has selected Koodoo to provide you with this information-only online comparison service on a non-advised basis. NerdWallet will receive a share of the commission that Koodoo earns from the lender or from our partnered broker, Fluent Mortgages.

Koodoo is the trading name of Mortgage Power Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 845978), and is a registered company in England and Wales (company registration number 10978680), with a registered address at Scale Space, 58 Wood Lane, London, W12 7RZ

Fluent Mortgages Ltd is authorised and regulated by the Financial Conduct Authority (FRN 458914), and is a registered company in England and Wales (company registration number 10978680), with a registered address at 102 Rivington House, Chorley, New Road, Horwich, Bolton, BL6 5UE