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5 year fixed rate mortgage

25 Year Fixed Rate Mortgage


At last the return of the 25 year fixed rate mortgage (at the time of writing this 22nd October 2012)


It went out of favour for a long time but at least one lender is dipping their toe into the water to see if the demand is there.

Click here for help from a Mortgage Arranger who can source the latest interest rate offers

The credit crunch has forced virtually all lenders from issuing mortgages with a deposit of less than 15%, with some mortgage lenders still asking for a deposit of 25% before they will agree the mortgage, however a 10% deposit can still be regarded as sufficient by at least one lender. The interest rate may be a little high compared to what was available a year ago, but at least it means some first time buyers can now stand a better chance of entering the market, and that cant be a bad thing.


Homeowners can now fix their mortgage rate for 25 years with a UK mortgage lender. This means that monthly mortgage payments will be fixed and not change for the full 25 years, no matter what happens to the Bank of England base rate.

Historically the "early repayment charges" have been higher for the longer term fixed rates, but with this latest 25 year fixed rate mortgage offer the fees for changing your mind and switching to another lender before the 25 years are up reduce over time. They are 1.5% in the first 5 years, then 0.75% for the next 2 years and no early repayment charges after 7 years. That means a borrower that opts for a 25 year fixed rate mortgage is free to alter the lender and rates after only 7 years.

Obviously if conditions favour the borrower they are free to remain on the 25 year fixed rate for as long as they wish once the first 7 years have passed which will give them long term peace of mind about their monthly mortgage payments.


So at last the question "where can I get a 25 year fixed rate mortgage" can be answered.


25 year fixed rate mortgage




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