Compare 4 Year Fixed Rate Mortgages

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About 4 Year Fixed Rate Mortgages

Four-year fixed-rate mortgages tend to be scarce and there are none available right now. But you’ll find plenty of other fixed deals, starting from two years on our mortgage comparison tool above.

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

Information written by Brean Horne Last updated on 08 February 2022.

Can you get a 4-year fixed-rate mortgage?

No, lenders are not offering four-year fixed-rate mortgages at the moment. Most lenders typically offer fixed-rate mortgage deals for two to five years, as well as up to 10 years.

Should I choose a 4-year fixed-rate mortgage?

Four-year fixes are scarce if available at all, but fixing in general – to a three- or five-year deal, for instance, could help you lock in a cheaper interest rate than you might find with a variable rate deal. However, if you wanted to move home or remortgage within that time, you may have to pay early repayment charges (ERCs) to leave a fixed-rate mortgage. This could hurt any savings you have made in interest on the deal.

How do I compare 4-year fixed-rate mortgages?

As four-year fixed-rate deals are generally scarce and aren’t currently available, you can use NerdWallet’s mortgage comparison tool to compare other fixed-rate deals. For instance, you could look out for three- or five-year fixed-rate deals instead. We’ll help you find the right deal by breaking down each lender offers, as well as the interest and fees you need to pay.

4-year fixed-rate mortgages FAQs

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.

However, four-year fixed-rate deals are generally few and far between, and aren’t currently available. Instead, you could choose a two-, three-, five- or 10-year fix where you can still benefit from your monthly repayments remaining the same during the fixed term.

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

If you’re new to the housing market, four-year fixed-rate mortgages, when available, could 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 fixed-rate deal is suitable for first-time buyers depends on its specific terms and conditions, and their financial circumstances.

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

Fixed-rate mortgages rarely have terms longer than 10 years, though a very limited number offer deals of up to 40 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?

Whether a fixed-rate or variable rate mortgage is better for you will depend on your financial circumstances.

Variable rate mortgages mean that your monthly repayments can change from month to month. They are usually linked to the Bank of England base rate, which means that your mortgage repayments could get cheaper if it falls. However, if the base rate increases, so will your repayments. A fixed-rate deal offers more stability as your repayments will remain the same for the length of your deal. However, you won’t benefit if the base rate falls.

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

Unless you switch to another fixed-rate deal, your provider will automatically move you to a standard variable rate (SVR) mortgage. The interest rate on an SVR mortgage is set by the lender and may change each month.

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

Yes, you may be able to move house on any fixed-rate deals through a process known as ‘porting’.

Porting is when you transfer an existing mortgage to another property. Your lender may run affordability and eligibility checks before you are able to port your mortgage. Additionally, if the amount you need to borrow on the new house is more than your existing mortgage would cover, you would need to borrow an additional sum, which may be at a different rate.

What other costs are involved in a fixed-rate mortgage?

As with most home loans, you need to be aware of the fees with any fixed-rate mortgage. A common fee for mortgages across the board is called a product fee or an arrangement fee. This fee goes towards the cost of setting up your mortgage. Other fees may apply including valuation fees, legal fees and account fees.

What alternatives to a four-year fixed rate mortgage should I consider?

As four-year fixed-rate deals tend to be scarce or unavailable, it may be worth considering a shorter deal, such as a two-year fixed-rate deal.

You can also use our mortgage comparison tool to find other fixed-term deals lasting three, five and 10 years, depending on what suits your financial circumstances.

You can change the various options on the comparison tool to see how different terms will have an impact on your monthly repayments and the interest rates that are charged.

If you don’t feel that a fixed-rate deal is for you, then a variable rate mortgage, which can offer standard variable, tracker or discount rates, may offer an alternative way to repay your home loan.

With variable rate mortgages, your payments could rise if interest rates or the lender’s rate goes up but make savings if interest rates fall. And if interest rates are low, you could enjoy lower initial rates on tracker and discount mortgages than you might do on fixed-rate deals.

If you are unsure which mortgage best suits your needs, seek professional mortgage advice.

About the author:

Brean is a personal finance writer at NerdWallet. She covers a range of financial topics and has written for consumer titles including Which?, Moneywise and The Motley Fool. Read more

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

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