Compare 3 Year Fixed Rate Mortgages

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Last updated on 04 March 2021.

3-Year Fixed Rate Mortgages FAQ

What is a three-year fixed-rate mortgage?

Lenders often provide mortgages for customers, where the rate of interest to be paid is effectively fixed for a term of three years. These products may be ideal for new borrowers, as they make interest costs easier to budget for, as the rate remains stable for the duration of the term.

Why are fixed-rate mortgages more commonplace?

In a period where the Bank of England’s base rate is low, there is downward pressure on rates in the mortgage market. One advantage of a fixed-rate mortgage is that a low rate can be locked in for a period of time, keeping your interest payments consistent, even if market rates increase during the term.

What happens to interest when the term expires?

Unless you make plans for a new fixed rate with your provider, you will be automatically placed on their default rate of interest, known as their Standard Variable Rate or SVR.

Is an SVR more costly than a fixed-rate mortgage?

Three-year fixed-rate mortgages are cheaper to pay off than those using the provider’s SVR, as the SVR is often more volatile and entails a higher rate. This would lead to significantly higher interest on your monthly payments, adding greater pressure on finances over time.

Where can I compare three-year fixed-rate mortgages?

To find the best fixed-rate mortgage for your financial circumstances, use NerdWallet’s handy comparison tables for an array of products, durations and interest rates.

How does a fixed-rate mortgage differ from a variable-rate mortgage?

The interest rate on a variable-rate mortgage fluctuates over time, making overall costs on its monthly repayments more volatile. This is because interest would be subject to both the direction of market rates and the base rate set by the Bank of England.

How does a fixed term differ from amortization period?

The fixed term is the duration in which your mortgage interest rate is frozen. This would be for three years, under a three-year fixed rate mortgage. The amortization period is different, as this is the ultimate length of time it would take to pay down the whole mortgage itself, which could take significantly longer.

Can you repay a fixed-rate mortgage early?

If your cash flow is sufficient, you may wish to pay your mortgage off earlier than planned. Your provider may permit this, but only if you also pay an Early Repayment Charge. As a result, while it might seem like the cheaper option to pay off a mortgage sooner, you will still need to account for this additional cost.