The best fixed-rate mortgages

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

Updated: 
The best fixed rate mortgages

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, no matter what the Bank of England does with the Base Rate.

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 short 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. As a perfect example of this, the Co-operative Bank has just launched the cheapest-ever initial rate on a two-year fixed rate mortgage, but with a fee of £1,499.
LenderLTVInterest rateMortgage fee
Co-operative Bank60%1.09%£1,499
Chelsea BS75%1.44%£1,545
Post Office Money80%1.83%£995
The Co-operative Bank90%2.64%£1,499


Compare mortgages

As you can see, there are some mammoth fees there. But what if you don't want to stump up a significant product fee? These are the best mortgages with fees under £500.
LenderLTVInterest rateMortgage fee
Tesco Bank60%1.59%£195
Chelsea BS75%1.64%£345
West Bromwich Building Society80%1.89%£499
Tesco Bank90%3.09%£195

Compare mortgages

Three-year fixed rate mortgages

If you want certainty about your mortgage repayments for a little bit longer, a three-year fixed rate mortgage may be a better option. First, let's take a look at the deals with the smallest interest rates.
LenderLTVInterest rateMortgage fee
Post Office Money60%1.75%£1,995
Chelsea Building Society75%1.99%£1,545
Accord Mortgages80%2.24%£1,845
Chelsea Building Society90%3.24%£1,545

And now let's take a look at the best deals with a fee of under £500.
LenderLTVInterest rateMortgage fee
Tesco Bank60%2.09%£195
Accord Mortgages75%2.29%£345
Newcastle Building Society80%2.56%£199
Chelsea Building Society90%3.44%£345

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.
LenderLTVInterest rateMortgage fee
HSBC60%1.99%£1,499
Post Office75%2.49%£995
Accord Mortgages80%2.64%£1,845
Leek United BS90%3.59%£995

And now let's take a look at the best deals with a fee of under £500.
LenderLTVInterest rateMortgage fee
Tesco Bank60%2.39%£195
Tesco Bank75%2.59%£195
Newcastle Building Society80%2.89%£199
Tesco Bank90%3.89%£195

Compare mortgages

Read more on AOL Money

Lenders fight to cut mortgage rates

Three ways to let your home and keep your investment

EU rule could cost mortgage borrowers thousands

10 property hotspots

10 property hotspots

Tiny Down Payment? Expect To Pay Bigger Mortgage Insurance Premiums