5 Year Fixed Rate Mortgage: Martin Lewis Reveals The Best Deals

If you’re considering taking out a 5 year fixed rate mortgage, then you’ve probably heard of the legendary money-saving guru Martin Lewis. He’s become the go-to person when it comes to financial advice and his weekly column in the Sunday Times is acclaimed by thousands. So when it comes to finding the best deal for a 5 year fixed rate mortgage, it’s no surprise that Martin Lewis is first port of call.

But what does a 5 year fixed rate mortgage actually mean? And how does it work? Put simply, a 5 year fixed rate mortgage is a type of loan which gives you a fixed interest rate for 5 years. This means that you know exactly how much you’ll be paying each month, allowing you to budget with certainty. It’s a great choice if you’re looking for a secure, long-term loan, and you’re not interested in taking any risks.

When it comes to finding the best deal for a 5 year fixed rate mortgage, Martin Lewis is the man to listen to. He’s done the hard work for you and compiled a list of the best deals available in the market. This list includes lenders such as Barclays, NatWest and HSBC, as well as some lesser-known providers, so you can be sure you’re getting the best possible deal.

Martin Lewis’ advice is to always compare like-for-like when it comes to mortgages. That means comparing the same type of mortgage from different lenders. This will allow you to get a better understanding of which lender is offering the best deal. He also recommends using an online calculator to work out the total cost of the mortgage. This is the best way to make sure you’re not paying too much.

In his weekly column, Martin Lewis has also highlighted some of the key things to consider when choosing a 5 year fixed rate mortgage. These include the amount of deposit you have available, the length of the loan term and the interest rate. He also recommends looking out for any hidden costs or charges, as these can quickly add up if you’re not careful. Finally, he advises making sure you understand all the terms and conditions of the loan before signing on the dotted line.

Advantages of 5 Year Fixed Rate Mortgage

A 5 year fixed rate mortgage comes with a number of advantages. The most obvious one is that it provides you with the security of knowing your repayments won’t suddenly change. This makes budgeting a lot easier and gives you the comfort of knowing you can’t be taken by surprise. It’s also a great choice if you don’t want any risks, as it locks in the interest rate for the entire 5 year period.

Another great advantage is that the interest rate is usually lower than that of a variable rate mortgage. This means you’ll be able to save money in the long run. Finally, a 5 year fixed rate mortgage is a great choice if you’re looking for a loan with a long-term repayment plan. It allows you to spread the cost of your mortgage over a longer period of time, making it easier to manage.

Disadvantages of 5 Year Fixed Rate Mortgage

A 5 year fixed rate mortgage also comes with some disadvantages. The most obvious one is that you won’t be able to take advantage of any interest rate drops that occur during the 5 year period. This means you could be stuck paying a higher rate of interest than if you’d opted for a variable rate mortgage. It’s also worth noting that some lenders have early repayment charges, so it’s important to check the small print before signing up.

Another disadvantage is that you’ll usually need a higher deposit than with a variable rate mortgage. This is because the lender will want to be sure you’re able to keep up with your repayments for the entire 5 year period. Finally, it’s important to remember that your monthly repayments will be higher than with a variable rate mortgage as you’ll be paying a fixed rate of interest.

How to Find the Best 5 Year Fixed Rate Mortgage

As always, Martin Lewis’ advice is to shop around and compare different lenders. This is the best way to make sure you’re getting the best deal. He also recommends using an online calculator to work out the total cost of the mortgage. This will help you to determine whether it’s worth opting for a 5 year fixed rate mortgage or not.

It’s also important to consider the length of the loan term. The longer the term, the higher the interest rate is likely to be. You should also look out for any hidden costs or charges, as these can quickly add up if you’re not careful.

Finally, make sure you understand all the terms and conditions of the loan before signing on the dotted line. This will help you to make sure you’re getting the best possible deal for your 5 year fixed rate mortgage.

Conclusion

A 5 year fixed rate mortgage can be a great option if you’re looking for a secure, long-term loan. It provides you with the peace of mind of knowing your repayments won’t suddenly change, allowing you to budget with certainty. However, it’s important to shop around and compare different lenders to make sure you’re getting the best deal.

Martin Lewis is the go-to person when it comes to finding the best deal for a 5 year fixed rate mortgage. His weekly column in the Sunday Times is acclaimed by thousands, and he’s done the hard work for you by compiling a list of the best deals available in the market. He also advises looking out for any hidden costs or charges, as these can quickly add up if you’re not careful.

Finally, make sure you understand all the terms and conditions of the loan before signing on the dotted line. This will help you to make sure you’re getting the best possible deal for your 5 year fixed rate mortgage.

FAQs

• What is a 5 year fixed rate mortgage?
• How do I find the best 5 year fixed rate mortgage?
• What are the advantages and disadvantages of a 5 year fixed rate mortgage?
• What should I look out for when choosing a 5 year fixed rate mortgage?
• Who is the best person to go to for advice on a 5 year fixed rate mortgage?
• What should I do to make sure I’m getting the best deal for a 5 year fixed rate mortgage?
• What are the hidden costs or charges I should look out for when choosing a 5 year fixed rate mortgage?
• Can I switch to a variable rate mortgage after taking out a 5 year fixed rate mortgage?
• How do I calculate the total cost of a 5 year fixed rate mortgage?
• Do I need a higher deposit for a 5 year fixed rate mortgage than a variable rate mortgage?

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