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FRIDAY FAQ: Is it Possible to get a One Year Fixed Mortgage?

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This article does not constitute advice. Professional advice should be taken prior to acting on any part of it. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

Q: Is it Possible to get a One Year Fixed Mortgage?

Answer: The simple answer is yes, it is possible to get a one year fixed rate mortgage.

But it’s more complicated than that – most lenders only offer mortgages with 2, 5, or 10 year fixed rates so you are far more likely to secure a great deal when you choose one of these timeframes.

In fact, there are very few options for one year fixed mortgages on the market.

The one year fixed mortgages that are available to borrowers will differ based on your circumstances. Whether you are a first time borrower, an existing borrower, or remortgaging, the loans vary in terms of initial interest rates (from 1.72% to 3.5%) as well as standard variable rates (SVR) once the introductory period ends (from 3.99% to 4.99%).

The maximum loan to value (LTV) ratio ranges from 75% to 90% and the annual percentage rate of charge (APRC), or the overall cost of the loan, will set borrowers back as little as 3.8% and as high as 5%.

Benefits of Fixed Rate Loans

All fixed rate mortgages have the same benefits, no matter how long the initial period is.

Borrowers don’t need to worry about their interest rate changing as a result of market changes or a rate increase from the Bank of England, and their payments remain the same for the entirety of the introductory phase. Fixed rate loans do have their downsides. Arrangement fees tend to be higher than variable rate loans and borrowers will face early repayment fees if they wish to pay off the loan in advance.

Our mortgage specialists will be able to talk you through the various options for a one year fixed mortgage, and guide you through the process if you decide it is the right choice for you. 

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