Buying property is rarely ends with finding the right property in the United Kingdom, many others things need to be taken care of. It is not necessary that you will have the finances every time. When you are short of adequate finances, you may need the mortgages to purchase the house. However, you need to ensure that you get the best fixed mortgage rates with the cheap interest. However, before you decide, it is important that you get the best mortgage.
Two different mortgages are available in the United Kingdom. The first is the floating mortgage and the second is fixed mortgage. The fundamental difference between the two mortgages is the interest rate. The interest rate for the floating mortgage varies as per the time whereas the interest rate for the fixed mortgage is fixed for the entire life of the mortgage. The buyers often prefer the fixed rate mortgage for various reasons. Here are the best fixed mortgages rates for fixed mortgage in 2017.
Fixed Rate Mortgage
The fixed rate mortgage has fixed interest rate for the entire lifetime of the mortgage. The buyer would be able to know the time frame to complete the mortgage and should have accordingly pre-set instalment as well. This helps the buyer to estimate the finances during the mortgage period. However, in order to get a better idea, it is important to know the best mortgage rates of different lenders with different features. Here are the details of the mortgage.
Two Year Fixed Rate Mortgage
The different lenders of the mortgage give minimum interest rate for the fixed rate mortgage for two years. However, this may cause a high amount of fee for the low-interest rate. The lowest two-year mortgage rate around is from Yorkshire Building Society in 2017. It is around 0.99%. HSBC provides the rate around 1.14%. The Chelsea Building Society, First Direct, Nottingham Building Society and others provide interest between 1.15% to 1.50%. The Loughborough Building Society, Monmouthshire Building Society, Accord Mortgages offer a mortgage with a higher interest rate between 1.50% to 4.00% but with a lesser fee mostly under £500.
Five Year Fixed Rate Mortgage
For the longer time of the mortgage repayment, the five years fixed rate mortgage is preferred. The best part of the mortgage is that the interest rate is very much reasonable mostly between 1% to 2% with varying fees of over £500. For lesser fees, the interest rates shoot up to 3%-4%. Atom Bank, Yorkshire Building Society, Post Office Money, Virgin Money, HSBC, First Direct are few of the very common lenders for the mortgages.
Ten Year Fixed Rate Mortgage
The repayment period can be even higher for ten years. The interest rate can be between 2%-5% along with fees. The fees can be under £500 where the interest rate touches 5%. However, the buyer can also go for higher fees and lesser interest rate. Nationwide, Coventry Building Society, First Direct, TSB, Barclays are few of the very popular mortgage lenders.
The best fixed mortgage rates are subject to change depending on the lender and should be verified while applying.