The best UK fixed rate mortgages 2018

If you want to fix your mortgage repayments, here are the top deals now.

The Bank of England base rates didn't rise in May, but that hasn't stopped mortgage lenders increasing their own rates.

Although a few rates have gone up, borrowing remains close to as cheap as it's ever been.

With continued expectation or a rate rise, securing your rate will see you through at least some of it without a shock rise in mortgage repayments.

To help you out, we've highlighted the best two, five and 10-year deals on the market. 

Why go for a fixed rate mortgage?

Fixed-rate mortgages are very popular, and it’s easy to understand why.

They provide you with certainty – you know that for the length of your fixed-rate period, your repayments will remain exactly the same each month.

However, knowing that you want to fix your mortgage rate is only half the decision. You need to work out how long you want to fix for too.

Two-year fixed rate mortgages are the cheapest, but you only have certainty about your mortgage payments for a brief period of time.

If you want the added security of a five-year fixed rate, you’ll pay a premium in the form of a higher interest rate.

Long-term fixed rates also come with much higher Early Repayment Charges, so you might need to take that into account too.

Top two-year fixed rate mortgages

First, let’s look at the two-year fixed rate mortgages with the lowest rates around. Be warned, nabbing a tiny interest rate usually means you’ll have a stump up a hefty product fee.

We've based our calculations on a property worth £250,000 for a 25-year term. If you want to buy a property worth more than this or are a first home buyer you may not be able to access these deals.

Lender

LTV

Rate

Fee

ERCs

Monmouthshire Building Society 

60%

1.35%

£1,149

3% until the end of the fixed period.

Monmouthshire Building Society 

65%

1.35%

£1,149

3% until the end of the fixed period.

Monmouthshire Building Society

70%

1.35%

£1,149

3% until the end of the fixed period.

Monmouthshire Building Society

75%

1.35%

£1,149

3% until the end of the fixed period.

Monmouthshire Building Society

80%

1.35%

£1,149

3% until the end of the fixed period.

Yorkshire Building Society

85%

1.82%

£495

2% in first year, then 1% until the end of fixed period.

Yorkshire Building Society

90%

1.82%

£495

2% in first year, then 1% until the end of fixed period.

Marsden Building Society

95%

2.89%

£1,484

2% in first year, then 1% until the end of fixed period.

As you can see, the rates on the top deals tend to command a big fee. So, we’ve also picked out the best rates on two-year deals with a fee of under £500.

Lender

LTV

Rate

Fee

ERCs

Yorkshire Building Society  

60%

1.41%

£495

2% in first year, then 1% until the end of fixed period.

First Direct

65%

1.49%

£490

3% in first year, then 2% until the end of fixed period.

First Direct

70%

1.49%

£490

3% in first year, then 2% until the end of fixed period.

First Direct

75%

1.49%

£490

3% in first year, then 2% until the end of fixed period.

First Direct

80%

1.64%

£490

3% in first year, then 2% until the end of fixed period.

Yorkshire Building Society

85%

1.82%

£495

2% in first year, then 1% until the end of fixed period.

Yorkshire Building Society

90%

1.82%

£495

2% in first year, then 1% until the end of fixed period.

Yorkshire Building Society

95%

3.19%

£495

2% in first year, then 1% until the end of fixed period.

Compare mortgages with loveMONEY

Five-year fixed rate mortgages

If you want to go for a longer-term fixed rate deal, then you may prefer a five-year fixed rate deal.

While you enjoy that security for longer, you may have to pay a premium in terms of a higher rate. You also have significant Early Repayment Charges to consider should you wish to leave the deal early.

We've based our calculations on a property worth £250,000 for a 25-year term. If you want to buy a property worth more than this or are a first home buyer you may not be able to access these deals.

Lender

LTV

Interest rate

Product fees

ERCs

Skipton Building Society

60%

1.83%

£1,995

2% until 30 June 2019,  then 1% until 30 June 2020

First Direct

65%

1.89%

£490

3% in first year, then 2% until the end of fixed period

First Direct

70%

1.89%

£490

3% in first year, then 2% until the end of fixed period

First Direct

75%

1.89%

£490

3% in first year, then 2% until the end of fixed period

HSBC UK

80%

2.04%

£999

1% until the end of the fixed period

Barclays

85%

2.34%

£999

3% until 2023

Barclays

90%

2.34%

£999

3% until 2023

And now let’s take a look at the best deals with a fee of under £500.

Lender

LTV

Interest rate

Product fees

ERCs

First Direct

60%

1.89%

£490

3% in first year, then 2% until the end of fixed period.

First Direct

65%

1.89%

£490

3% in first year, then 2% until the end of fixed period.

First Direct

70%

1.89%

£490

3% in first year, then 2% until the end of fixed period.

First Direct

75%

1.89%

£490

3% in first year, then 2% until the end of fixed period

First Direct

80%

2.19%

£490

3% in first year, then 2% until the end of fixed period

First Direct

85%

2.39%

£490

3% in first year, then 2% until the end of fixed period

First Direct

90%

2.39%

£490

3% in first year, then 2% until the end of fixed period

Looking for a mortgage? Compare rates

Ten-year fixed rate mortgages

A ten-year fixed rate can offer long-term piece of mind and the market is booming.

Again the longer security means a higher rate and significant ERCs to consider should you wish to leave the deal early.

We've based our calculations on a property worth £250,000 for a 25-year term. If you want to buy a property worth more than this or are a first home buyer you may not be able to access these deals.

Here are the top rates at the moment - please note that this list excludes deals only available to existing borrowers, those remortgaging or first-time buyers.

Lender

LTV

Interest rate

Product fees

ERCs

Coventry Building Society

50%

2.49%

£999

5% until Jun 2019, 3% until 2021, 1% until 2023.

First Direct

60%

2.49%

£0

3% in first year than 2% until end of fixed period.

Coventry Building Society

65%

2.59%

£999

5% until Jun 2019, 3% until 2021, 1% until 2023.

Yorkshire Building Society

70%

2.64%

£995

5% until September 2022, then 4% until 2024, 3% until 2026, 2.5% until 2027 and 1.5% until 2028

Yorkshire Building Society

75%

2.64%

£995

5% until September 2022, then 4% until 2024, 3% until 2026, 2.5% until 2027 and 1.5% until 2028

Coventry Building Society

80%

2.79%

£999

5%, 5%, 3%, 3%, 3%, then 1% until end of fixed period.

Coventry Building Society

85%

2.79%

£999

5%, 5%, 3%, 3%, 3%, then 1% until end of fixed period.

Coventry Building Society

90%

3.25%

£999

5%, 5%, 3%, 3%, 3%, then 1% until end of fixed period.

As you can see, although these best buy deals offer eye-catching low rates, many also carry hefty fees. So here are the best 10-year fixed rate deals with fees under £500.

Lender

LTV

Interest rate

Product fees

ERCs

First Direct

50%

2.49%

£0

3% in first year than 2% until end of fixed period.

First Direct

60%

2.49%

£0

3% in first year than 2% until end of fixed period.

First Direct

65%

2.64%

£0

3% in first year than 2% until end of fixed period.

First Direct

70%

2.64%

£0

3% in first year than 2% until end of fixed period.

First Direct

75%

2.64%

£0

3% in first year than 2% until end of fixed period.

First Direct

80%

2.89%

£0

3% in year 1 then 2% until end of fixed period

TSB

85%

3.19%

£0

5% until June 2019 the 4%, 3%, 2%,1% until 2023

Nationwide

90%

3.99%

£0

7% for four years, then 6%, 5%, 4%, 3%, 2% and 1% until end of fixed period

This loveMONEY article is regularly updated

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