5 year fixed rate mortgage deals are hot right now.

5 year fixed rate mortgage deals have become one of the hottest mortgage products around recently.

Lenders offering long term deals include the Chelsea Building Society who are offering a rate of 3.19 per cent on a 5 year fixed rate mortgage for those mortgage borrowers who have a 30% deposit. This mortgage comes with a fee of £1,495 which borrowers need to consider when studying longer term deals, as well as the deposit required and the headline rate.

The Post Office has also recently cut several of its rates on a range of mortgage products. The Post Office has reduced rates to some of its fixed rate mortgages and one of the greatest cuts has been made on its 5 year fixed rate mortgage which is now at 3.38 per cent, (a reduction of 1.01%) for mortgages of 75 per cent LTV (loan to value). This mortgage has a £995 arrangement fee. The Post Office also offers 3 year fixed rate mortgages with the same £995 fee for those borrowers who have 65% LTV.

If you are currently on your mortgage lenders SVR (standard variable rate) then reviewing your mortgage could significantly lower your mortgage repayments and if setting your monthly outgoings is also crucial for you financially then a review is paramount. Changing to one of the recent 5 year fixed rate mortgage offers has the biggest advantage of allowing you to budget as your monthly repayment does not change during the fixed rate term.      

If you are looking for a 5 year fixed rate mortgage then let Deal Direct's expert advisers help you secure the best deal to suit your needs.