15 Year Fixed Rate Mortgage

Now is not the time to be relying on stability in the economy to keep your mortgage payments constant. As we have seen, the Bank of England base rate recently fell to the lowest levels in recorded history, and there is a chance that it could rise just as steeply as the economy levels out again. Therefore a 15 year fixed rate mortgage is a good option if financial stability is a key priority of yours. As the name suggests, a 15 year fixed rate mortgage would remain at the same level over the whole of this period, after which it would revert to the lender’s standard variable rate (SVR).

As you are committing to be with your lender for a considerable amount of time, they will incentivise you by offering a competitive interest rate for this 15 year period. This makes the 15 year fixed rate mortgage one of the best deals in the market, in terms of overall savings. However, the obvious downside is that you would have less flexibility to move and make early repayments. A 15 year fixed rate mortgage is a legally binding agreement to be with the same mortgage provider for this time, and there are financial penalties if you wish to take out another mortgage elsewhere. However, when you come to the end of your 15 year fixed rate period, you are free to shop around and are under no obligation to accept the lender’s SVR.

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Reasons to choose a 15 Year Fixed Rate Mortgage

  • You want the peace of mind of knowing that your repayments will be exactly the same each month of your 15 year fixed rate mortgage agreement.  Yes, fluctuations in the market may mean that those with mortgages tracking the Bank of England base rate will pay less than you some months, but overall it saves you from worrying about interest rate rises.
  • You are prepared to stay with your lender for the entire term.  If you easily succumb to tempting interest rates, this is not the offer for you!   A 15 year fixed rate deal means that you need to close your eyes and ears to other providers’ rates over this period, because the amount that you would be charged for moving during the first 15 years would cancel out any savings that you would make.
  • You are happy to pay back the same amount each month for the first 15 years. Early repayment charges can be considerable, as they amount to a percentage of the sum borrowed.  The percentage is highest if you want to repay extra during the first 5 years of your mortgage terms, but this decreases over time and the fee is waived altogether if you wish to pay back more after 15 years have elapsed.
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