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With access to lenders across the whole of the market, Mojo advisors strive to save you money and find your best fixed-rate mortgage.
Many people choose to fix their mortgage rate when they first take out the loan. This is so they know what their monthly payments are for a set amount of time.
It may be a good idea to fix your rate if:
Also if you're currently on your lender's standard variable rate (SVR) – the rate you're moved to when your initial deal comes to an end – you should consider fixing your rate.
This is because the SVR is usually higher than other fixed (and variable) deals on the market, so it's more expensive.
To avoid going onto your lender's SVR, it's best to look at remortgaging options around 6 months before your current deal ends.
Most mortgage deals are valid for 6 months, so you can lock in a new rate and switch when your current deal comes to an end, avoiding any ERCs.
If rates fall before your new deal begins, you can switch again.
"A fixed-rate mortgage is ideal for those with a tight monthly budget, as you know exactly what your monthly mortgage repayments are for a set amount of time".
The alternative to a fixed-rate mortgage is a variable-rate mortgage. The main difference is that your interest rate is subject to change with a variable deal, meaning your payments could rise or fall at any time.
The main types of variable-rate mortgages are discount and tracker:
If you come to the end of your initial fixed or variable deal, you're moved on to an SVR mortgage. It's normally not advisable to stay on this as it's usually more expensive - you can remortgage to a cheaper deal.
In some cases it can be worth staying on your lender's SVR for a short period of time as it offers more flexibility than other deals, including no ERCs.
For example, if you're moving soon after your current deal ends, it may be worth staying on it until you buy your new home and get a new mortgage.
Technically yes, but you usually have to pay ERCs or exit fees.
You should make sure you know what these are before you make the decision. You can speak to Mojo's mortgage experts to work out if you would benefit enough from leaving the deal early to make up for the cost of the ERCs.
Yes, you can get a fixed-rate mortgage as a first-time buyer. In fact, they're popular options for people buying their first home.
This is because they're useful for those working to a budget - which many first-time buyers are.
Also, first-time buyers normally need to borrow more of the property's value than people who've owned property before.
This means a bigger loan to repay which results in higher monthly payments, so making sure they won't increase during the deal can be a real benefit.
Usually fixed-rate mortgages have higher interest rates than the variable deals available, making them more expensive initially.
The rates on variable deals can increase though, meaning they could become more expensive during the deal period.
Fixed-rate mortgages can also have higher fees than variable deals.
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YOU SHOULD THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME/PROPERTY. YOUR HOME/PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
The Financial Conduct Authority does not regulate mortgages for commercial or investment buy-to-let properties.
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To contact Mojo by phone, please call 0333 123 0012.
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