Compare 4 Year Fixed Rate Mortgages

If you want to have fixed monthly mortgage repayments for a substantial length of time then a 4 year fixed rate mortgage could be a good option. _You can compare the latest interest rates and other features of 4 year fixed rate mortgages that are currently available in the table below.

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Last updated on 29 November 2021.

4 Year Fixed-Rate Mortgages FAQ

What is a four-year fixed-rate mortgage?

Fixed-rate mortgages allow borrowers to lock in rates of interest on their loans for a fixed period of time. In the case of a four-year fixed-rate mortgage, that period of time is four years. The monthly payments will remain constant even if market interest rates fluctuate.

Are four year fixed-rate mortgages suitable for first-time buyers?

If you’re new to the housing market, four year fixed-rate mortgages can help you to lock in a low rate of interest for a period of time. First-time buyers, like anyone on the housing ladder, can benefit from a fixed-rate mortgage that gives them a predictable monthly payment. Whether or not a particular four year fixed-rate deal is suitable for first-time buyers depends on the specific terms and conditions and the first-time buyers’ financial position. As with any mortgage products, you will need to research and consider your own finances carefully before committing.

What’s the maximum term on a fixed-rate mortgage?

Fixed-rate mortgages rarely have terms longer than 10 years. The longer the term on a fixed-rate mortgage, the higher the interest will be. This is because the lender is taking on a greater risk by locking in a specific rate of interest over a longer period of time, during which the chance of market rates increasing is higher than it would be over a shorter term.

Is a fixed-rate mortgage better than a variable rate mortgage?

Variable rate mortgages mean that the value of your monthly repayments on a mortgage can go up as well as down. They will tend to rise or fall in line with the Bank of England base rate. Variable rate mortgages have the advantage that your monthly repayments can go down, but of course, they can also go up.

Which is ‘better’ is a matter for you to decide based on your own financial position, attitude to risk, and how much value you place on predictability of outgoings.

What happens at the end of a four-year fixed-rate mortgage?

Unless you make preparations to arrange another fixed rate deal, your provider will automatically move you onto a standard variable rate (SVR) mortgage. As SVRs serve as an effective “default” rate, any borrower who transitions to paying on an SVR will find their mortgage repayments will fluctuate.

Can I move house on a four year fixed-rate mortgage?

It should be possible to move house on a four year fixed-rate mortgage, but you need to make sure you have what is termed a portable mortgage. Fortunately, most mortgages have this facility in-built from the beginning.

What other costs are involved in a fixed rate mortgage?

While interest is an important aspect of a fixed-rate mortgage, you need to consider other costs such as arrangement, booking and setup fees. Remortgaging is a common option for some borrowers, so if you keep doing this every so often, costs will mount up so take the time to understand the full cost of your mortgage before signing anything.

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