5 Year Fixed Rate Mortgages - Who is Offering This Mortgage?

By Julian Lenox
What are Five Year Fixed Rate Mortgages?
Its name is kind of self-explanatory. A five year fixed rate mortgage is a mortgage in which your interest rate is fixed. These mortgages in general are very popular since they minimize the risk of a variable rate, which causes uncertainty, especially at these times where the financial crisis has hit all of us.
Which are the Most Popular Banks to have offered 5 Year fixed Rate Mortgages throughout the Years?
Well there are many banks and financial entities that have been offering this kind of mortgages for quite some time now. However, only some of them truly contributed to this type of mortgage. Those are the very same ones that offer the best options when it comes to mortgages. HSBC, Nationwide, and Yorkshire BS are some examples.
HSBC Five Year Fixed Rate Mortgages
HSBC has been offering 5 year fixed rate mortgages for many years now. Its rate is of 4.73% and they can loan up to 60% of the total value of the property. The only extra fee they charge is a booking fee. One of the best things about HSBC'S mortgage line is that you can apply for it online.
Nationwide Five Year Fixed Rate Mortgages
Over the years, Nationwide has offered pretty good deals on five year fixed rate mortgages. However, that is no longer the case. Nationwide has announced that during this year, there will be increases in their mortgages. Especially on these mortgages, which will rise by 0.86% to 5.84%.
This applies for customers looking to borrow less than 60% of the total value of the property. For those who are borrowing more, even though there will be an increase in the rate, it will not be as dramatic as that applied to the other group of borrowers. So if you belong to the first group, be aware that a significant increase on your rate is about to take place.
Yorkshire BS Five Years Fixed Rate Mortgages
Yorkshire Building Society is known for offering mortgages that are affordable even for first time buyers. But those who are remortgaging or moving homes can also find an option at this bank. For five years fixed rate mortgages, their rates start at 3.59 per cent.
Furthermore, Yorkshire BS has announced that they are launching a line of fee-free mortgages, and they will be able to do it by halving the products' fees and offering £250 cash back. This is by far the financial entity that has contributed the most to the mortgages market. Plus, its mortgages products are varied and suit most borrowers.
The boss at Advertizia, Julian J. Lenox reviews and writes articles for Finance Top 100, a keen Finance websites analysis stockpile. Read more about Offset Mortgage Calculator.
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