15 Year Fixed Rate Mortgages

There are currently no lenders offering 15-year fixed rate products at the moment.

Check back weekly or favourite this page to keep an eye on the ever-changing rates. The table below is updated as of November 12, 2024 and rates are subject to change.

15 Year Fixed Rate mortgages

There are currently no lenders offering these products at the moment.

Can you get a 15-year fixed-rate mortgage?

Fixed rate mortgages for 15 years are less common in the UK than they are in some other countries, but they are available from some lenders—even though we found none with the major banks at this time. Generally, most lenders in the UK offer fixed rate mortgages for either two, three, five or ten-year terms. However, there are a few lenders that offer fixed rate mortgages for 15 years, so it is worth shopping around to find the best deal if you feel that a 15-year fixed-rate mortgage is what you need.

If you're interested in getting a 15-year fixed-rate mortgage in the UK, it's best to consult with a mortgage advisor or a financial institution to determine what options are available to you, if there are any at this time, and which one would be the most suitable for your individual circumstances.

What is a 15-year fixed-rate mortgage?

A 15-year fixed rate mortgage in the UK is a type of mortgage loan in which the interest rate remains fixed for the entire 15-year term of the loan. These mortgages are less common in the UK compared to other countries like the US, where they are quite popular.

Most lenders in the UK offer fixed rate mortgages for either two, three, five, or ten years. However, some lenders do offer fixed rate mortgages for 15 years—we just couldn’t find any from the major lenders at this time.

With a fixed rate mortgage, your monthly mortgage payments remain the same throughout the term, which makes budgeting easier as you know exactly how much you will be paying each month. The interest rate on a fixed rate mortgage is usually higher than that of a variable rate mortgage, but it provides borrowers with the security of knowing exactly what their monthly repayments will be, regardless of any changes to the Bank of England base rate or the lender's standard variable rate.

What is the benefit of a 15-year fixed-rate mortgage?

There are several benefits to a 15-year fixed rate mortgage in the UK:

• Lower interest rates: A 15-year fixed rate mortgage usually comes with lower interest rates than a longer-term fixed rate mortgage. This means you'll pay less in interest charges over the life of the loan, potentially saving you a significant amount of money.
• Pay off your mortgage faster: With a 15-year fixed rate mortgage, you'll pay off your mortgage in half the time it would take with a 30-year mortgage. This means you'll own your home outright in a shorter amount of time, and you'll be able to build equity faster.
• Certainty: With a fixed rate mortgage, your monthly mortgage payments remain the same for the entire term of the loan. This means you can budget more easily and you won't be subject to any fluctuations in interest rates.
• Save money over the long term: A 15-year fixed rate mortgage will allow you to save money over the long term, as you'll be paying off your mortgage faster and paying less in interest charges. This can provide you with financial security and peace of mind.

Overall, a 15-year fixed rate mortgage can be a good option for those who are looking to save money on interest charges and pay off their mortgage faster. However, it's important to consider your individual financial circumstances and to speak with a financial advisor to determine if a 15-year fixed rate mortgage is the right choice for you.