Is it possible to get a 15-year fixed rate mortgage?

They have been popular in other countries for some time, and now 15 year fixed rate mortgages are available in the UK.

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Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

If you like the peace of mind of facing no surprise interest rate hikes, and are confident you aren’t going to move house, then a 15 year fixed rate mortgage could be good option for you to consider.

Traditionally, UK lenders only offered fixed term mortgages of up to 10 years, but 2019 saw several providers introduce 15 year deals for the first time.

Virgin Money was the first to debut its range of products for a 15 year term, and currently offers residential mortgages over this timeframe for loan-to-value (LTV) ratios of up to 90%.

Yorkshire Building Society then followed suit with its own 15 year fixed rate mortgages, and will also consider lending to would-be-buyers who are looking at LTVs of up to 90%.

How do fixed rate mortgages work?

Fixed rate mortgages lock in the interest rate you pay over the duration of the fixed term. The result is that you’ll know exactly what your monthly repayment will be for the entirety of the fixed term, regardless of whether the Bank of England (BoE) changes interest rates or not.

This way you can manage your finances and know how much you’ll have left over to put into savings or use for other purposes like going on holiday.

While a fixed rate mortgage will provide certainty on what your monthly mortgage outgoings will be, do bear in mind that BoE interest rates could go down as well as up during your fixed term, but your payments will always remain the same.

Fixed rate mortgages also tend to be more expensive the longer you tie your fixed in rate for, so you’ll need to weigh this up when deciding what type of mortgage you want to apply for.

Fixed rate mortgages also tend to have fewer extra features, such as options to lower your interest payments by using on offset account. However, this can vary from lender to lender.

Frequently asked questions about fixed rate mortgages

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