2 and 5 year fixed rate mortgage deals explained - and how to choose what to go for
by Derin Clark
Over the last few weeks, a number of mortgage providers, including Nationwide Building Society and Virgin Money, have withdrawn their high loan-to-value (LTV) deals from the market. However, despite the withdrawal of these deals, the mortgage market has remained highly competitive, particularly on deals offering fixed rates.
A fixed rate mortgage deal is often popular at times of economic uncertainty as it enables homeowners to know how much their monthly mortgage repayment will be for a set period of time. In addition to this, fixed rate deals offer competitive low rates. The lowest two year remortgage deal offers just 1.13%, while the lowest five year fixed remortgage deal currently stands at 1.35% (figures correct as at 18 June 2020).
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