1 Year Fixed Rate Mortgage

Buy to Let borrowers can take advantage of a short-term fixed rate with Nationwide from 4.19% with a product fee of 2% of the total loan amount. Barclays are offering 4.89% with no product fee for Existing Customers looking for a short-term fixed rate

1 Year Fixed Rate Mortgage

Buy to Let borrowers can take advantage of a short-term fixed rate with Nationwide from 4.19% with a product fee of 2% of the total loan amount. Barclays are offering 4.89% with no product fee for Existing Customers looking for a short-term fixed rate.            

Check back weekly or favourite this page to keep an eye on the ever-changing rates. The table below is updated as of July 16, 2024 and rates are subject to change.

1 Year Fixed Rate mortgage

COMPANY TYPE TERM INITIAL RATE THE OVERALL COST FOR COMPARISON IS PRODUCT FEE LOAN TO VALUE (LTV)
BARCLAYS Existing Residential Mortgage Customers Reward Fixed 1 year 4.89% 8.6 APRC £0.00 60%
BARCLAYS Existing Residential Mortgage Customers Reward Fixed 1 year 5.10% 8.6 APRC £0.00 75%
BARCLAYS Existing Residential Mortgage Customers Reward Fixed 1 year 6.07% 8.7 APRC £0.00 90%
NATIONWIDE BS Buy to Let Purchase Remortgage Fixed 1 year 4.19% 8.99% 2% of loan 75%
NATIONWIDE BS Buy to Let Remortgage Fixed 1 year 4.59% 8.99% 2% of loan 75%

 

1 Year Fixed Rate FAQs

Can you fix mortgage for 1 year?

Yes, it is possible to fix a mortgage for one year in the UK. However, it is important to note that fixed-rate mortgages typically come with higher interest rates than variable rate mortgages, as they provide a level of certainty and protection against potential interest rate increases.

If you are considering a fixed-rate mortgage, it is important to shop around and compare offers from different lenders to ensure that you are getting the best deal for your circumstances. Additionally, it may be beneficial to consult a mortgage broker who can offer impartial advice and help you navigate the complexities of the mortgage market.

What is the shortest fixed rate mortgage?

In the UK, fixed-rate mortgages are available for a range of fixed terms, typically ranging from 2 to 10 years. However, some lenders may offer shorter fixed-rate periods of 1 year or 18 months.

The availability of shorter fixed-rate mortgages may vary depending on the lender and the current state of the mortgage market. It is important to do thorough research and shop around to find the best mortgage deal for your individual circumstances.

Additionally, seeking advice from a mortgage broker can be helpful in navigating the mortgage market and finding the best deal for your needs.

Is a fixed rate mortgage good?

A fixed-rate mortgage can be a good option for many borrowers in the UK, as it offers a level of certainty and protection against potential interest rate increases. With a fixed-rate mortgage, the interest rate remains the same for the entire fixed term, which can make budgeting and financial planning easier.

Fixed-rate mortgages can be particularly beneficial for borrowers who prefer a predictable and stable mortgage payment, as they provide protection against interest rate fluctuations—which is something we have all seen a lot of this past year or two. They can also be helpful for those on a tight budget, as the fixed payment amount can be easier to plan around.

However, it is important to note that fixed-rate mortgages often come with higher interest rates than variable rate mortgages, as borrowers are paying for the certainty and protection against

potential rate increases. Additionally, fixed-rate mortgages typically come with early repayment charges if you want to repay your mortgage before the fixed term is up.

Overall, whether a fixed-rate mortgage is a good option for you will depend on your individual circumstances and preferences. It is important to do thorough research, compare different mortgage options, and seek advice from a mortgage broker before making a decision.

What happens after 1-year fixed-rate mortgage ends?

After a fixed-rate mortgage ends in the UK, the interest rate typically reverts to the lender's standard variable rate (SVR) or the borrower may choose to remortgage and switch to a different mortgage product.

If the borrower decides to stay on the lender's SVR, the interest rate charged will fluctuate in line with market conditions and the lender's own policies. This can mean that the borrower's monthly mortgage payments may increase or decrease over time, depending on market movements and changes in the lender's SVR.

Alternatively, the borrower may choose to remortgage and switch to a different mortgage product with a different interest rate and term. This can be a good option for borrowers who want to secure a better interest rate or different terms that better suit their current circumstances.

It's important to note that if you don't remortgage or switch to another mortgage product after the fixed rate period ends, you may end up paying more in interest than you need to. Therefore, it's important to plan ahead and consider your options before your fixed rate period ends.