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.
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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.
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