Ten year fixed rate mortgages for current customers looking to transfer to a new deal
Fixed rate mortgages have monthly payments that do not change during a set time. This could help you to budget, as repayments will not go up or down.
If you’re thinking of switching your mortgage deal, we’re here to help. We're currently upgrading our systems and whilst you can’t yet switch your mortgage deal online, you can now go into your local branch, or call us on 0800 056 1088 and our team of expert Mortgage Advisers will be happy to help.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Features and benefits
Mortgage payments stay the same during the fixed-rate period so they're easier to manage
Available if you're an existing mortgage customer transferring to a new deal
Loans are available up to 75% of your home's value
Compare our five year fixed rate deals for existing customers
Mortgage deals often change - this table is updated with our latest ones, but these may not be available by the time you apply. Our Mortgage Advisors will discuss the best deals available to you when you apply.
For a repayment mortgage of £80,561 over a 20 year term, you will make:
60 monthly repayments of £410.99 at 2.09% fixed until 30 April 2022. This will be followed by a further:
180 monthly repayments of £461.16 a month at the Homeowner Variable Rate, currently 3.74% for the remainder of the term.
The total amount payable would be £107,668.20, made up of the loan amount (£80,561) plus interest (£27,107.20).
The overall cost for comparison is 3.0% APRC Representative.
Your first monthly payment will be higher as it includes interest from the date the funds are released as well as the monthly repayment.
As a current concession during the early repayment charge period you can repay up to 10% of the balance each year without the charge applying.
If you repay your mortgage (or more than 10% in any year) during the fixed rate period, an early repayment charge may apply. As a current concession you can repay up to 10% of the balance (as at 1 January) each year and the charge will not apply (unless you go on to repay or change the rest of the loan within the next six months). We may change or withdraw this concession on giving three months notice.
For amounts above 10%, the charge will be a percentage of the amount repaid and varies depending on how long you have left on your fixed rate, as shown in the tables below.
Whether you can have a mortgage and the amount you can borrow will come down to what we think is a sensible amount to lend you and what we agree you can afford. To help us make a decision, we'll take a number of things into account.
Your income - you'll need to confirm this by showing us payslips, bank statements and/or HM Revenue and Customs documents.
Your outgoings - it's also important to think about your other financial commitments, and consider what effect future interest rate rises could have on your finances. This is to help guard against your mortgage becoming unmanageable. We will not agree a mortgage if there is any indication that you cannot afford it or keep up the payments.
Your age - you must be at least 18 years old to apply. Only your retirement income will be considered if you want your mortgage to go past your planned or state retirement age.
Records of previous loans or credit - we'll ask for your consent to search the information held about you and your financial arrangements held by credit reference agencies. This can include information passed on by banks and other financial service companies, as well as publicly available information such as the electoral roll. We'll use a credit reference agency and fraud prevention agencies to help assess your application.
The value of the property - limits apply to the maximum we will lend depending on the type of mortgage and property. This is detailed on the mortgage rate table above.
There are two ways to repay the money you have borrowed - on an interest-only or a repayment basis.
With an interest-only mortgage, you'll only pay the interest on your loan amount each month. At the end of the mortgage term - usually 25 years - you'll still owe the capital, which is the amount you initially borrowed, so you'll need to have a plan in place to pay this off at the end of the term.
With a repayment mortgage, each monthly repayment pays off part of the capital as well as the interest, so your mortgage will be repaid in full at the end, as long as you keep up the repayments.
The monthly payments for a repayment mortgage are higher than for an interest-only mortgage, but this doesn't mean that interest-only is a cheaper option or that it'll help you afford a bigger mortgage. You'll also need to have a way of paying back the capital, so this needs to be taken into account when you work out what you can afford.
You can repay your mortgage over a term that suits you - from 1 to 40 years - although we only usually consider a mortgage term that ends before you reach 75. If your loan carries an early repayment charge, you won't be able to choose a term that finishes before the early repayment charge period.