5 Year Fixed Rate No Fee Mortgages

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The mortgage data above was supplied by Moneyfacts Group Plc and is updated at the time of mortgage search. The figures and data provided in our tables are for illustration purposes only. While we make every effort to ensure the accuracy of this data you should always confirm the terms on offer with the provider/broker. We do not give any financial advice.

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Last updated on 04 March 2021.

5-Year Fixed Rate No-Fee Mortgages FAQ

What is a five-year fixed-rate no-fee mortgage?

This type of mortgage has a fixed rate of interest to be paid over a five-year period, under a plan that ensures the buyer doesn’t have to pay upfront costs such as application fees.

Why do people use fixed-rate mortgages?

Fixed-rate mortgages allow people to lock in a specific rate of interest while repaying their mortgage on a monthly basis. This helps keep costs stable over the term during which the interest is fixed for.

Are fixed-rate fee-free mortgages popular with first-time buyers?

Yes. First-time buyers who are starting to climb the housing ladder are often looking for ways to keep initial costs down. Having a fixed rate and minimal or no fees to pay during a mortgage term makes budgeting for mortgage payments much easier and less costly.

What happens when the fixed-rate mortgage term ends?

Unless you have made prior arrangements, you will be automatically placed onto your provider’s Standard Variable Rate (SVR) by default. Interest would be much higher, so you would need to be prepared for the costs associated with switching to SVR.

Does a no-fee mortgage exclude all costs?

Some of the incentives for no-fee mortgages include no arrangement or valuation fees to pay off, but you can still find yourself having to pay extra costs through higher interest, which providers may be inclined to charge. In addition, some five-year fixed-rate no-fee mortgages charge exit admin fees.

Does early repayment incur a charge?

Some providers may be inclined to impose an Early Repayment Charge (ERC) in place. If you think it would be cost-effective to repay your mortgage earlier than planned, you need to factor a possible ERC in to your calculations.

What happens if I fail to keep up with mortgage payments?

Failure to keep up with mortgage payments could result in financial penalties from your provider, as well as a downgrade of your credit score. Not only that, but you may also find yourself having to sell your home in order to pay outstanding debts.

What is LTV on a mortgage?

Loan-to-value (LTV) is the ratio used to measure the size of the mortgage loan provided by a lender. It is a proportion of a new property’s value, and the remaining share is paid by you upfront as a deposit. If you found a five-year fixed term no-fee mortgage with an LTV of 95%, for example, the remaining 5% would be the deposit to be paid.

Why seek a high LTV mortgage?

High-LTV mortgages require smaller deposits, so first-time buyers would spend less time having to save for them. Despite this, a provider would be keen to mitigate risk for providing such a large mortgage, so they might be inclined to charge higher interest than they would on a lower-LTV mortgage.

Where can I compare the best five-year fixed-rate no-fee mortgages?

NerdWallet provides an easy-to-use comparison table, complete with a range of products from a number of providers on the market. Use our table to find the deal best-suited to your finances and always read terms and conditions before agreeing to any specific product.