Fixed Rate Mortgage Deals

As a first time buyer, you may not be aware of how to find the best fixed rate mortgage deals. As with any other loan that you would take out, the best fixed rate mortgage deals come from showing a lender that you are financially secure and have a history of good financial management. Other considerations include the size of the deposit that you are able to put up against the mortgage loan. This is known as the loan to value, or LTV. Whereas once it was commonplace to offer 100% fixed rate mortgage deals, the property crisis of the last few years has meant that lenders are reluctant to lend more than 80% of the value of the property, and even less if you have a bad credit rating. As you would expect as a result of this more cautious approach to lending, the greater your deposit, the better the fixed rate mortgage deals that you will be offered.

When you are comparing a number of fixed rate mortgage deals, you should use the APR (annual percentage rate of change) rather than the interest rate, in order to get an accurate idea of how the fixed rate mortgage deals compare. Whereas an interest rate will only show you the interest that you will be charged year on year on your decreasing mortgage balance, the APR also takes the valuation fee, arrangement fee, surveying and conveyancing costs into consideration, plus any other charges that you will incur when buying a property. You should also carefully read the small print on fixed rate mortgage deals before proceeding with anything, because you may find that you are penalised for repaying more of the mortgage than you originally agreed upon with the lender. If you would like to talk through your options with a qualified mortgage adviser, simply fill out the short form and an adviser from the SimplyFinance network will be in touch with you shortly.

Find the best Fixed Rate Mortgage Deals today!

Get the Best Fixed Rate Mortgage Deals

• Your credit history will play a major part in the fixed rate mortgage deals that you are offered.  Before you shop around for fixed rate mortgage deals, get a copy of your credit history report from one of the UK's credit reference agencies to see what you are likely to be eligible for.
• It really pays to shop around for fixed rate mortgage deals.  Lenders release a variety of mortgage products, some of which are available directly from them and others which are only available through intermediaries. 
• If you have money saved up that could be used as a deposit, you will have a much wider variety of fixed rate mortgage deals.  This is because lending criteria have tightened, and now lenders are reluctant to lend to people who have less than a deposit equal to 20 per cent of the value of the property (and more if the borrower has a bad credit rating).