Fixed-Rate Mortgages
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Written by:
Alison Gibson
Ascot Mortgage Expert
Last Updated:
05.10.2023
Written by:
Alison Gibson
Ascot Mortgage Expert
Last Updated:
05.10.2023
What is a fixed rate mortgage?
Is your fixed rate deal ending? You can lock in a new fixed rate mortgage in advance to avoid any uncertainty. As a shrewd homeowner, you probably shopped around to get the best fixed rate deal that you could find when you either bought your home or renewed your mortgage. You will, no doubt, have benefited from the stability and security that a fixed term mortgage has provided and the ease of budgeting that comes with it. However what happens when your fixed term deal is about to come to an end?
Ascot Mortgages, market leaders, can guide you through the options to make sure that you can benefit from another cost effective mortgage arrangement. Ascot Mortgages offer a free initial consultation, creating a bespoke mortgage deal for you, saving you money and time in the process! Please contact us for a free initial chat about how we can arrange your next fixed rate mortgage for you.
When your fixed rate mortgage deal is coming to an end?
When a fixed term mortgage ends many homeowners find that they are once again thrown into the mortgage market, perhaps a few years after they last had to negotiate the many options available to them. Ascot Mortgages are the best people to call in this situation because of their knowledge of the market, which means that they can look through the various options for you. Often when a fixed term deal ends you would automatically revert to your lender’s Standard Variable Rate (SVR). Although re-arranging your mortgage deal may be the last thing on your mind as you get on with your busy life it really is worth contacting Ascot Mortgages to shop around for you, as the SVR is often not the most competitive rate. In addition, if you fail to keep an eye on your mortgage, you can often switch over to the SVR at the end of the fixed period without even realising how expensive it is likely to be. This is particularly problematic if you have enjoyed a fixed rate deal that has allowed you to budget and has been relatively affordable; therefore a rapid transition to the SVR may be an unwelcome change.
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Finding the cheapest fixed rate mortgage
Ascot Mortgages can utilise their market knowledge to find you an equally competitive deal as the one that you had previously had, meaning that you continue to benefit from the advantages of a fixed rate mortgage. These advantages include an affordable monthly amount, that is easy to budget for, and the opportunity to fix the mortgage deal for up to five years, ensuring stability and security for you. Up to 75 percent of homeowners opt for a fixed rate mortgage and just because you have already benefited from one does not mean that you should not be able to take advantage of one again. Switching back to a fixed rate deal, as opposed to the generic SVR, means that you have continued stability and are locked into an offer that you know is not going to be affected by changes in the economic climate, which is especially prudent at the moment. In addition, by using the expertise of Ascot Mortgages, you could find that you end up on a more cost effective fixed rate deal than you were previously on!
Finding your next fixed rate mortgage after your current one ends
The end of you fixed rate deal does not have to mean a rapid inflation in your monthly mortgage repayments as you move on the lender’s SVR. By taking advantage of Ascot Mortgage’s free initial consultation, you can continue to enjoy the stability and security that a fixed monthly amount provides and ensure that you can continue to enjoy your hard-earned home without worrying about how much your mortgage will cost you.
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FAQ
Yes, the LTV ratio available for fixed-rate mortgages can vary by lender and the specific mortgage product. Typically, a lower LTV ratio means you have a larger deposit or more equity in the property, which can often secure a more favourable interest rate. Always check with individual lenders for their specific LTV criteria.
Fixed-rate mortgage rates are influenced by several factors:
- The Bank of England base rate and expected future changes to it.
- The cost for lenders to borrow money, known as ‘swap rates’.
- Lenders’ business objectives and competitive positioning in the market.
- The perceived risk associated with the loan, including the LTV ratio.
A longer-term fixed-rate mortgage provides:
- Certainty: Your monthly repayments remain constant, making budgeting easier.
- Protection: You’re shielded from potential interest rate rises for the duration of the fixed term.
- Peace of mind: You have the security of knowing your rate won’t change for a set period, regardless of external economic factors.
Yes, some potential disadvantages include:
- Less flexibility: Fixed-rate mortgages may have higher early repayment charges if you decide to remortgage or pay off a large chunk before the end of the fixed term.
- Potential missed savings: If variable rates drop below your fixed rate, you won’t benefit from the decrease.
- End of fixed period: Once the fixed term ends, your mortgage usually reverts to the lender’s standard variable rate, which could be higher.
Yes, you can often remortgage from a variable rate to a fixed rate. This might be a good idea if you expect interest rates to rise in the future. However, always consider any early repayment charges or fees associated with your existing mortgage before making a switch.
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Ascot Mortgages authorised and regulated by the Financial Conduct Authority and can be found on the FCA register (www.fca.org.uk) under reference 776062. The FCA do not regulate some forms of mortgages. The guidance and advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK. There may be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate it will be £399 per mortgage account. Ascot Mortgages Ltd give you the option to pay a non-refundable fee of £879 payable with the application. If this option is taken, Ascot Mortgages Ltd will refund any procuration fee received by the lender.
Ascot Mortgages Limited is registered in England and Wales and have their registered office at 8 Webster Court, Westbrook, Warrington, WA5 8WD. The company’s registration number is 06764971.
We are a credit broker, not a lender. We work with the whole of the lending market. We may receive commissions that will vary depending on the lender, product, or other permissible factors. The nature any commissions model will be confirmed to you before you proceed.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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