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Fixed Rate Mortgages

fixed rate mortgages the melton
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A fixed rate mortgage is ideal for customers wanting to plan ahead and budget without any unwanted surprises.  With our fixed rate mortgages, your repayments will stay the same during the fixed term period and this type of mortgage offers peace of mind if you prefer to know how much you will need to pay each month.

Mortgage Product Maximum Loan to Value Initial Rate Followed by our Standard Variable Rate The overall cost for comparison Product Fees Deposit amount
3.35% 3 Year Fixed Rate 95% 3.35% 4.99% 4.8% APRC

Based on a £167,732 mortgage, secured by first charge on your main residential property, repaid on a repayment basis over a 33 year term: 36 monthly payments at a fixed rate of 3.35%, (£700.51) £25,218.36. 360 monthly payments at standard variable rate (currently 4.99%), (£852.30) £306,828. Valuation fee on property of £184,400, payable when you apply £240 (scale applies). Telegraphic Transfer fee payable when you apply £25. Solicitors fees payable to your conveyancer (estimated) £360. Mortgage Discharge Fee payable at the end of your mortgage £150. Total Amount Payable £332,821.36.

Shared Ownership – 3.99% Fixed Rate to 31 December 2023 95% 3.99% 4.99% 4.8% APRC
Mortgage Product Maximum Loan to Value Initial Rate Followed by our Standard Variable Rate The overall cost for comparison Product Fees Deposit amount
2.49% 3 Year Fixed Rate 75% 2.49% 4.99% 4.2% APRC

Based on a £145,000 mortgage, secured by first charge on your main residential property, repaid on a repayment basis over a 15 year term: 36 monthly payments at a fixed rate of 2.49%, (£966.16) £34,781.76. 144 monthly payments at standard variable rate (currently 4.99%), (£1110.74) £159,946.56. Valuation fee on property of £441,584, payable when you apply £410 (see scale). Telegraphic Transfer fee payable when you apply £25. Solicitors fees payable to your conveyancer (estimated) £360. Mortgage Discharge Fee payable at the end of your mortgage £150. Total Amount Payable £195,673.32.

2.85% Fixed Rate to 31 December 2023 75% 2.85% 4.99% 3.9% APRC £398

With a fixed rate mortgage, the monthly interest rate (and therefore your monthly mortgage payment) will stay the same for a set period of time, typically this will be approximately two, three or five years. At the end of the fixed rate period your rate will usually change to our Standard Variable Rate.

You are guaranteed that your rate will be exactly the same every month for the duration of the fixed rate mortgage term – even if other interest rates rise during this period.

You can confidently plan your budget for the whole period, because you’ll know in advance exactly what your monthly outgoings for your mortgage will be. If interest rates fall during the fixed period, the amount you pay during the fixed rate period will not change, so you may end up paying a higher rate of interest than if you were on a variable rate mortgage.