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In a world of fluctuating interest rates are you looking for a reliable repayment plan? A fixed rate mortgage can fix the amount of interest you pay, for years to come.
But with such security comes a price and fixed rate mortgages can end up being slightly more expensive than a variable rate equivalent. So first, you’ll have to make sure a fix is definitely right for you.
A five year fixed-rate is simply a mortgage where the interest rate stays the same for five years. They offer static payments and protection from interest rate rises, but are slightly more expensive than variable rate mortgages.
If you are on a tight budget and/or don’t want to worry about the threat of rising interest rates a five-year fixed mortgage might be for you. They offer the security of knowing exactly what you’ll pay each month.
But you’ll pay a premium for this. Fixed rate mortgages carry slightly higher interest rates than tracker mortgages. So, if you are convinced interest rates won’t rise to an unaffordable level a tracker mortgage may be a cheaper option.
A five-year fix is one of the longer fixed-rate deals on the market, so only go with one if you believe that interest rates are likely to rise in the next five years, and you wouldn’t be able to afford larger mortgage repayments.
Use our mortgage rate index to get the very latest rate predictions to help you make an informed decision.
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.
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. You will be referred to an authorised mortgage broker who may charge a fee. They will inform you of the details of any fees before an application is made.