Fixed rate Mortgages
Peace of Mind with Fixed Rate Mortgages
Looking for financial stability in your mortgage? Fixed rate mortgages lock in your interest rate for a set period, giving you consistent monthly payments and peace of mind. Whether you’re a first-time buyer or remortgaging, a fixed rate mortgage offers the predictability you need.
What is a Fixed Rate Mortgage?
A fixed rate mortgage is a type of home loan where the interest rate stays the same for a predetermined period, typically between 2 to 10 years. This means your monthly repayments remain consistent, making it easier to budget.
Whether you’re a first-time buyer or looking to remortgage, a fixed rate mortgage could be the solution you need for financial stability.
If you are looking for a tracker or variable rate mortgage instead, learn more here.
Benefits of Fixed Rate Mortgages
Predictable Payments
Know exactly what you’ll pay each month.
Easier Budgeting
Simplify your financial planning with consistent monthly payments.
Protection
Stay unaffected by rising interest rates.
No Surprises
Avoid sudden changes in your mortgage repayments during the fixed term.
Peace of Mind
Enjoy stability and financial security.
Tailored Options
Choose a fixed term that aligns with your financial goals and lifestyle.
Document Checklist for Fixed Rate Mortgage
1. Proof of Identity
Mortgage lenders need to verify your identity. Ensure you have one of the following:
-
Passport (valid and up to date)
-
Driving license (with current address)
-
National ID card (if applicable)
2. Proof of Address
Lenders will also need to confirm your current residence. Provide at least two of the following documents:
-
Utility bills (dated within the last 3 months)
-
Council tax statement
-
Recent bank or credit card statement
3. Proof of Income
Your income demonstrates your ability to afford mortgage repayments. Requirements vary depending on your employment type:
-
Employed Applicants:
-
Last 3 months’ payslips
-
Latest P60
-
Employment contract (if recently started a new job)
-
-
Self-Employed Applicants:
-
Last 2-3 years’ tax returns (SA302 forms)
-
Recent bank statements showing income deposits
-
Accountant-prepared financial statements
-
4. Bank Statements
Provide the last 3-6 months of bank statements to give lenders insight into your spending habits, income, and savings. These statements should:
-
Show your name and account details
-
Highlight consistent income deposits
5. Proof of Deposit
Lenders need evidence of your mortgage deposit, whether it’s savings, a gift, or a bonus. Acceptable proof includes:
-
Savings and/or investment account statements
-
Lifetime ISA statement (if applicable)
-
Gift letter (if deposit is gifted)
-
Bonus payment slips
6. Credit History
Lenders will check your credit score and history to assess your financial responsibility.
7. Additional Documents
Depending on your circumstances, lenders might ask for:
-
Proof of additional income (e.g., rental income, dividends)
-
Debt repayment plans (if applicable)
-
ID verification for anyone contributing to your deposit
8. Conveyancer Details
You will need to provide your conveyancer's details when applying for a mortgage. Find your conveyancer here.
