Alexander Hall Mortgages Types of mortgage Fixed rate mortgage deals and interest rates

Fixed rate mortgages

A fixed rate mortgage provides guaranteed monthly payments for a predetermined period of time.

If you're the kind of person who likes certainty and the reassurance of knowing exactly what your monthly outgoings will be, then a fixed rate mortgage may be most suitable for you.

A fixed rate mortgage sets the interest rate that you will pay for a specified period, guaranteeing the amount payable each month for a fixed length of time.

Fixed rate mortgages often have an early repayment charge which varies between lenders. Usually, this only applies during the fixed rate period itself; however there may be some which do have early repayment charges beyond this period.

Fixed interest rate mortgage deals

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Best-buy mortgages

    1. Lender
    2. Initial rate & Lender Fees
    3. Type, period & max loan-to-value(LTV)
    4. Reverting to
    5. The overall cost for comparison
    6. Early Repayment Charges
    7. More details or apply
    1. HSBC mortgage
    2. Initial rate: 0.99% £1499
    3. Fixed Until 31/08/2018
      Up to 65% LTV
    4. Reverting to 3.94%
    5. The overall cost for comparison: 3.7% APRC
    6. Early repayment charges: 2% until 31/08/2017, then 1% until 31/08/2018
    7. Call 08000 38 37 36 or submit an enquiry.

    1. Post Office mortgage
    2. Initial rate: 1.79% £995
    3. Fixed until 31/08/2018
      Up to 80% LTV
    4. Reverting to 4.49%
    5. The overall cost for comparison: 4.2% APRC
    6. Early repayment charges: 3% of loan to be paid until 31/08/2018
    7. Call 08000 38 37 36 or submit an enquiry.

    1. Woolwich mortgage
    2. Initial rate: 2.49% £999
    3. Fixed 30/09/2018
      Up to 90% LTV
    4. Reverting to 3.99%
    5. The overall cost for comparison: 3.9% APRC
    6. Early repayment charges: 3% until 30/09/2018
    7. Call 08000 38 37 36 or submit an enquiry.

    1. BM Solutions mortgage
    2. Initial rate: 2.79% £1495
    3. Fixed 30/09/2018
      Up to 75% LTV
    4. Reverting to 4.84%
    5. The overall cost for comparison: 4.8% APRC
    6. Early repayment charges: 3% to 30/09/2018
    7. Call 08000 38 37 36 or submit an enquiry.

    1. Clydesdale mortgage
    2. Initial rate: 2.99% £1999
    3. Fixed 30/09/2018
      Up to 75% LTV
    4. Reverting to 5.35%
    5. The overall cost for comparison: 5.2% APRC
    6. Early repayment charges: 3% of loan to be paid until 30/09/2018, Then reducing
    7. Call 08000 38 37 36 or submit an enquiry.

    1. Clydesdale mortgage
    2. Initial rate: 4.19% £1999
    3. Fixed Until 31/07/2019
      Up to 70% LTV
    4. Reverting to 5.35%
    5. The overall cost for comparison: 5.0% APRC
    6. Early repayment charges: 5% in first 2 years then reducing
    7. Call 08000 38 37 36 or submit an enquiry.

What happens after the fixed interest rate period expires?

Once the fixed time period expires your mortgage repayments switch to the mortgage lender's standard variable rate. This arrangement will enable you to more accurately forecast your budget during the initial years of your mortgage term.

Representative Example

For example, on a repayment mortgage of £345,000 over a term of 27 years on an interest rate of 1.99%, the initial monthly payment would be £1,376 the total mortgage application fees would be £1,560, the total cost of the loan would be £586,145 and the APRC would be 4.3%.

The above example is representative of a typical product that would be available to at least 51% of AHA clients who proceed with a residential mortgage application. It is based upon our data from actual mortgage applications arranged by Alexander Hall during the 3 months June to August 2016.

The actual rates and products available to you will depend on your individual preferences, needs and circumstances and our expert Mortgage Advisers can assist you further.

In addition, if the interest rate rises above the fixed rate that you are paying, you will actually save money. However, the reverse of this is also true. If the interest rate goes down whilst the fixed rate deal is in place, you will end up paying more.