<h3>Fixed-rate mortgages explained<\/h3>\r\nFixed-rate mortgages are typically available for both types of repayment method: <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/interest-only-mortgages\/interest-only-vs-repayment-mortgage\/">interest-only and repayment<\/a>. Each UK lender will have their own array of deals across a range of different time scales.\r\n\r\nGenerally,fixed-rate mortgage terms are set for at least one year. The most common fixed terms offered tend to be either 2 or 5 years, although you can also find 3 and 7 years fixed terms. Some lenders can agree to ten-year fixed-rate terms in certain circumstances.\r\n<h3>How does a fixed-rate mortgage work?<\/h3>\r\nWith a fixed-rate mortgage, both the interest rate and the term are set at the outset by the lender. Regardless of what happens to the <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/blog\/bank-of-england-interest-rate-the-state-of-play\/">Bank of England\u2019s base rate <\/a> or your lender's standard variable rate (SVR), your fixed-rate will not change.\r\n\r\nThe clear benefit of a fixed-rate mortgage is the comfort of knowing that your mortgage payment will remain the same for the period of the offer, regardless of any interest rate volatility the market may be experiencing.\r\n<h3>What options do I have at the end of my fixed-rate term?<\/h3>\r\nAt the end of the fixed-rate period you have a number of choices:\r\n<ul>\r\n \t<li style="font-weight: 400;">Move onto your lender\u2019s SVR mortgage rates<\/li>\r\n \t<li style="font-weight: 400;">Choose another fixed-rate mortgage deal with your existing lender<\/li>\r\n \t<li style="font-weight: 400;">Choose to <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/remortgages\/">remortgage<\/a> with another lender offering a better fixed-rate deal<\/li>\r\n \t<li style="font-weight: 400;">Opt for a different type of deal altogether (tracker rate, capped rate,etc) either with your existing lender or <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/remortgages\/">remortgage<\/a> with a new lender<\/li>\r\n<\/ul>\r\nIf you allow your current <span style="font-weight: 400;">fixed-rate mortgage deal to expire and move onto your lender\u2019s SVR mortgage rate, it\u2019s highly likely that there will be a difference between the two, therefore, you may see an increase in your payments at this point.<\/span>\r\n\r\nYour lender will usually contact you a few months before your fixed-rate period ends to discuss their suite of products available for you. At this stage, it\u2019s usually wise to review what other deals are available from other UK lenders.\r\n\r\nThis is where we can help. The advisors we work with have an in-depth knowledge of the offers available across the UK mortgage market. If you <a href="https:\/\/enquiries.onlinemortgageadvisor.co.uk\/match-me-with-a-specialist-broker">get in touch<\/a> we can arrange for an expert to contact you and help decide which offer is the best one for your circumstances.\r\n\r\n[divider]\r\n<h2 id="interest-calculated">How is interest calculated on a fixed-rate mortgage?<\/h2>\r\nWhen a lender is calculating the interest you\u2019ll be charged on a fixed-rate mortgage, they look at your creditworthiness and the level of risk they think they may be taking if they lend to you.\r\n\r\nThey will look at your credit rating, your age, your income and expenditure to assess your affordability and, sometimes, the type of property you\u2019re purchasing could also influence the interest you\u2019ll be charged.\r\n\r\nThere are <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/mortgage-calculators\/">online calculators<\/a> which you can use to work out what a mortgage might cost you but they won\u2019t give you a 100% accurate figure or be tailored to your needs and circumstances.\r\n\r\nAs discussed above, many mortgage lenders promote fixed-rate deals to attract new customers. These fixed rates will last for a set period of time, after which you\u2019ll need to look for a new deal and remortgage or negotiate a new rate with the lender.\r\n\r\nTo get an accurate view of the best mortgage rate you could qualify for, <a href="https:\/\/enquiries.onlinemortgageadvisor.co.uk\/match-me-with-a-specialist-broker">make an enquiry<\/a> and we\u2019ll connect you with one of the expert brokers we work with. All the experts are whole-of-market mortgage brokers with access to lenders across the entire market.\r\n\r\nThey have the knowledge, experience and tools to know which lenders will give you the best mortgage rates and will work to save you time, money and hassle.\r\n\r\n[divider]\r\n<h2 id="first-time-buyers">Are fixed-rate mortgages available for first-time buyers?<\/h2>\r\nYes. Buying your first house can be quite a daunting prospect, therefore, one of the benefits of opting for a fixed-rate mortgage deal is the peace of mind knowing exactly what your monthly payments are without fear that they could fluctuate.\r\n\r\nTrying to find the best <span style="font-weight: 400;">fixed-rate mortgage offers, particularly when you\u2019re a <\/span><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/first-time-buyer-mortgages\/">first-time buyer<\/a>, can prove to be quite an arduous task. Why not let us help?\r\n\r\nIf you <a href="https:\/\/enquiries.onlinemortgageadvisor.co.uk\/match-me-with-a-specialist-broker">get in touch<\/a> we can arrange for a mortgage expert to help you through the whole process and find a fixed-rate mortgage offer that best suits your circumstances.\r\n\r\n[divider]\r\n<h2 id="faq">Frequently asked questions<\/h2>\r\nHave a question that we haven\u2019t answered yet, or want to find out more about fixed-rate mortgages? You\u2019ll find more information in the sections below.\r\n<h3 id="overpayments">Can you make overpayments on a fixed-rate mortgage?<\/h3>\r\nYes, it\u2019s possible. However, most lenders will place a cap on the amount you can overpay, normally 10% of the outstanding balance. The overpayment can usually be either through one off lump sums or as an addition to your regular monthly payments.\r\n\r\nIf you feel that you need a mortgage that offers complete flexibility to overpay without any restrictions, a standard variable mortgage (SVR) could be one viable option, although the amount you can overpay by will be at the lender\u2019s discretion.\r\n<h3 id="inflation">What is the impact of inflation on a fixed-rate mortgage?<\/h3>\r\nThe impact of inflation on a fixed-rate mortgage could be good or bad depending on whether it increases or decreases.\r\n\r\nRising inflation can cause the Bank of England\u2019s base rate to rise, which subsequently causes UK lenders\u2019 variable mortgage rates to follow suit. In this event, a fixed-rate mortgage could become a safe haven as your payments will not be affected during this period.\r\n\r\nHowever, if inflation falls and, therefore, the base rate is reduced the knock-on effect could be that your fixed-rate mortgage deal is more expensive than some variable rate offers that become available as a result.\r\n<h3 id="part-part">Can you have a part fixed and part variable mortgage?<\/h3>\r\nYes this is possible. Splitting your mortgage between both fixed and variable will naturally give you the best of both worlds. A fixed-rate will shield your mortgage payments from any significant rises in UK base rates whereas a variable rate will give you more flexibility to overpay, if you wish.\r\n\r\nThe perfect scenario would be to have a 50\/50 split (half fixed, half <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/standard-variable-rates\/discounted-variable-rate-mortgages\/">variable mortgage<\/a>) however, some lenders will allow you to favour one type of mortgage than the other. So, for example, you could have a mortgage that is 70% fixed and 30% variable.\r\n\r\nIf you\u2019d like to know more about which lenders offer part fixed\/part variable mortgages <a href="https:\/\/enquiries.onlinemortgageadvisor.co.uk\/match-me-with-a-specialist-broker">make an enquiry<\/a> and one of the advisors we work with will get in touch.\r\n<h3 id="portable">Are fixed-rate mortgages portable?<\/h3>\r\nMost mortgages are portable, including fixed-rate mortgages. However, depending on the circumstances it\u2019s likely that early exit penalties will apply particularly if you want to move your mortgage midway through your fixed term to another provider.\r\n\r\nIt\u2019s important to weigh up the reasons for wanting to move your mortgage and whether the long-term financial benefits outweigh any fees which may apply.\r\n\r\n[divider]\r\n<h2 id="expert">Speak to a mortgage expert<\/h2>\r\nFixed-rate mortgages are an extremely popular choice for many people, however, it can be difficult to identify the best offer that suits your particular circumstances.\r\n\r\nIf you\u2019d like to speak with someone who can help you make an informed choice call us on 0808 189 2301 or make an <a href="https:\/\/enquiries.onlinemortgageadvisor.co.uk\/match-me-with-a-specialist-broker">enquiry online.<\/a>\r\n\r\nThe advisors we work with have a wealth of experience in all areas of mortgage lending and deal with customers in your situation all the time.