/ 25-year fixed rate mortgage

25-year fixed rate mortgage

Can you get a 25-year fixed rate mortgage?

No, in the Uk you can not get a 25-year fixed rate mortgage as no mortgage lenders offer a mortgage with a 25-year fixed rate term.

The best you can get in the UK are mortgages with a fixed term of 10 years.

The only way you will be able to get a 25 year fixed rate mortgage will be to switch your 10 years fixed rate or any fixed rate mortgage you have to another fixed rate mortgage until it reaches 25 years.

The problem with this is that it is highly unlikely that interest rates will stay the same for 25 years and the rates you switch to will probably fluctuate over time.

What will the payments on a 25-year fixed rate mortgage look like?

An example of what you could pay on a 350000 mortgage could be: £350000 over 25 Years at a rate of 5.5 % will incur a monthly repayment of £2149.31 and a total repayable of £644793.00.

If you are considering getting a mortgage for a 25-year fixed rate term then using a mortgage broker may be a good choice as mortgage brokers usually have access to many more products than any specific mortgage lender.

Whilst it is unlikely your mortgage broker will find you a 25-year fixed rate mortgage they may be able to find you something which achieves your financial needs.

Mortgage brokers will also usually have access to specific deals from mortgage lenders as well as experience on which mortgage lenders will be more likely to accept your case. This will help you avoid getting rejected on a mortgage application and having to build credit due to the damage a rejection might do to your credit score.

If you have bad credit or are self-employed then specialist mortgage brokers such as bad credit mortgage brokers or self-employed mortgage brokers may be useful.

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25-year fixed rate mortgage
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