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Mortgage DetailsInterest Only
  • Increasingly hard to get (more risky for the bank)
  • Only pay the interest due on your mortgage
  • Original loan amount left to pay end of the term

Repayment
  • Most common type of mortgage
  • Pay off capital as well as interest
  • Nothing left to pay at end of the term

Searching: 15 Year Fixed

Your Loan to ValueLoan to ValueIt's the amount you want to borrow divided by the value of your property. Lenders use this to assess the risk of lending you money.The lower your LTV the more likely you are to get a lower mortgage rate than those with a high LTV (The best rates are reserved for those with less than 60% LTV). is 50.0%

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    Fifteen Year Fixed Rate

    Looking for a reliable repayment plan in a world of fluctuating interest rates? A fixed rate mortgage can fix the amount of interest you pay. Even for up to fifteen years.

    But with such security comes a commitment, and with such a long fix you may find it difficult to move home or remortgage until your deal has run its course. Is a fifteen year fix for you?

    What is a Fixed-Rate Mortgage?

    A 15 year fixed-rate is a fairly rare mortgage product. With this you agree to a mortgage where the interest rate will remain the same for 15 years.

    This means you’ll know exactly what you’ll repay each month over that time. But, it is difficult to move home during that period or remortage without having to pay hefty exit penalties.

    Is a 15-year Fix Right for Me?

    If you like the idea of facing no interest rate surprises for 15 years, and are confident you aren’t going to move house then a 15-year fix could be right for you. The main benefit of them is you don’t have to worry about interest rates and won’t have to pay the fees involved in remortgaging for many, many years.

    But there are serious downsides. Can you be sure that your circumstances won’t change for 15 years? It is a very long time to commit to a mortgage deal.

    Also, you won’t benefit from being able to remortgage to a better rate as you repay your mortgage and owe less.

    The Pros and Cons of Fixing

    Pros

    • Security. No matter what interest rates do over the next 15 years your monthly repayments won’t be affected.
    • Forward planning. Budgeting will be easy if you know exactly what your repayments will be for the next 15 years.
    • Big savings. By not remortgaging for 15 years you will save hundreds, and possibly thousands of pounds in administration fees.
    • Pay less. If interest rates rise, you could end up making big savings compared to people with variable rate, or shorter fixed-rate, deals.

    Cons

    • Expensive. A 15 year fix will tend to have a higher interest rate than other deals on the market, as you’ pay a premium for the lengthy locked-in rate.
    • No chance of falling payments. If interest rates fall you won’t see any benefit.
    • Locked in. If your circumstances change over you may have to pay hefty fees to get out of your mortgage deal.

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

    After comparing mortgages, customers are referred to our broker partner, London & Country (L&C). They will never charge a fee for their services. But, the lender you choose may charge a fee if you continue your mortgage application through L&C. Always read the terms.

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    TotallyMoney is an independent credit broker, not a lender. Our comparison service works with most leading lenders, covering the majority of the market. Though we may be paid a fee by lenders or brokers this never influences how our products are ranked.

    We don't provide financial advice. Product information is obtained from independent sources and rates displayed may vary depending on your personal circumstances. While we make every effort to ensure that information is up to date, you should always confirm the terms of the offer with the product provider.

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