Compare our best 3 year fixed rate mortgages

3 year fixed rate mortgages have a set interest rate for three years. When your 3 year fixed mortgage rate ends, your lender automatically switches you on to its standard variable rate (SVR). Compare 3 year fixed mortgages and find our best deals. Explore our 3 year fixed rate mortgage guide for more information.

Mortgage type

Property price

£

Mortgage amount

£

100% LTV

Mortgage term

years

Initial rate type

Deal length

Repayment type

Our best 3 year fixed rate mortgage rates

  • Barclays 3 Year Fixed mortgage

    Initial rate 1.69%. APRC 3.6%. Set-up fees £999
  • Coventry Building Society 3 Year Fixed mortgage

    Initial rate 1.85%. APRC 4.2%. Set-up fees £999
  • Digital Mortgages 3 Year Fixed mortgage

    Initial rate 1.89%. APRC 3.55%. Set-up fees £1,200
  • TSB 3 Year Fixed mortgage

    Initial rate 1.89%. APRC 3.8%. Set-up fees £995
  • Digital Mortgages 3 Year Fixed mortgage

    Initial rate 1.89%. APRC 3.57%. Set-up fees £1,800
  • Digital Mortgages 3 Year Fixed mortgage

    Initial rate 1.94%. APRC 3.57%. Set-up fees £900
  • HSBC 3 Year Fixed mortgage

    Initial rate 1.94%. APRC 3.7%. Set-up fees £999
  • TSB 3 Year Fixed mortgage

    Initial rate 1.94%. APRC 3.8%. Set-up fees £995
  • Digital Mortgages 3 Year Fixed mortgage

    Initial rate 1.94%. APRC 3.6%. Set-up fees £1,500
  • TSB 3 Year Fixed mortgage

    Initial rate 1.94%. APRC 3.7%. Set-up fees £995
  • We've found 161 mortgage deals

    Barclays

    3 Year Fixed

    Initial rate

    1.69%

    until 31-10-2022

    APRC

    3.6%

    overall cost for comparison

    Set-up fees

    £999

    Monthly payment

    £695.17

    for 36 months

    Coventry Building Society

    3 Year Fixed

    Initial rate

    1.85%

    until 30-09-2022

    APRC

    4.2%

    overall cost for comparison

    Set-up fees

    £999

    Monthly payment

    £708.20

    for 36 months

    Digital Mortgages

    3 Year Fixed

    Initial rate

    1.89%

    until 31-08-2022

    APRC

    3.55%

    overall cost for comparison

    Set-up fees

    £1,200

    Monthly payment

    £711.48

    for 36 months

    TSB

    3 Year Fixed

    Initial rate

    1.89%

    until 30-11-2022

    APRC

    3.8%

    overall cost for comparison

    Set-up fees

    £995

    Monthly payment

    £711.48

    for 36 months

    Digital Mortgages

    3 Year Fixed

    Initial rate

    1.89%

    until 31-08-2022

    APRC

    3.57%

    overall cost for comparison

    Set-up fees

    £1,800

    Monthly payment

    £711.48

    for 36 months

    Digital Mortgages

    3 Year Fixed

    Initial rate

    1.94%

    until 31-08-2022

    APRC

    3.57%

    overall cost for comparison

    Set-up fees

    £900

    Monthly payment

    £715.60

    for 36 months

    HSBC

    3 Year Fixed

    Initial rate

    1.94%

    until 31-10-2022

    APRC

    3.7%

    overall cost for comparison

    Set-up fees

    £999

    Monthly payment

    £715.60

    for 36 months

    TSB

    3 Year Fixed

    Initial rate

    1.94%

    until 30-11-2022

    APRC

    3.8%

    overall cost for comparison

    Set-up fees

    £995

    Monthly payment

    £715.60

    for 36 months

    Digital Mortgages

    3 Year Fixed

    Initial rate

    1.94%

    until 31-08-2022

    APRC

    3.6%

    overall cost for comparison

    Set-up fees

    £1,500

    Monthly payment

    £715.60

    for 36 months

    TSB

    3 Year Fixed

    Initial rate

    1.94%

    until 30-11-2022

    APRC

    3.7%

    overall cost for comparison

    Set-up fees

    £995

    Monthly payment

    £715.60

    for 36 months

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    Representative example:

    If you borrowed £200,000 payable over 25 years, with an initial fixed-rate for two years at 4.79%, your monthly payments would be £1,144.84 for 24 months. This would then revert to a standard variable rate (SVR) of 4.24% for the remaining 23 years, costing £1,086.24 per month for 276 months. Overall cost for comparison is 4.5% APRC representative. The total amount payable over the full term would be £328,272, including product fee of £995 and interest of £127,277.

    Your home may be repossessed if you do not keep up repayments on your mortgage.

    What is a 3 year fixed rate mortgage?

    A three-year fixed-rate mortgage is a mortgage where your monthly repayments will not change for three years. After that, your mortgage interest rate reverts to the lender’s standard variable rate (SVR), which is usually far higher than the fixed rate.

    If you’re looking for the security of a fixed-rate mortgage, but you want more flexibility than a five or ten-year fix, a three-year fixed rate mortgage might be right for you.

    In 2018, the Bank of England has increased the base rate from 0.5% to 0.75%. While that may not sound like much, any increase impacts tracker and variable rate mortgages meaning you end up paying more month-by-month. With a fixed-rate mortgage, your payments remain unchanged regardless of base rate hikes.

    The trade-off with a fixed-rate mortgage is that you’ll be penalised for exiting your mortgage before the promotional period ends. The size of this penalty is usually a percentage of the loaned amount, so it can be tens of thousands of pounds on a larger mortgage. If you’re planning to move home in the next year or two, you might look towards a two-year fixed-rate mortgage instead.

    Compare our best 3 year fixed rate mortgages

    What happens after the fixed-rate period ends?

    After the promotional period ends, your interest rate will be moved to the lender’s SVR – which is usually 2 or 3% above your fixed rate.

    For example, Yorkshire Building Society’s SVR is currently 4.99% – but it has three-year fixed-rate deal at 2.19%. If you had a mortgage of £300,000 with an 85% LTV over 25 years, your monthly repayments would jump from £1,299 to £1,753 after the fixed rate period ends – a really massive increase.

    If you’re currently paying SVR, or your fixed rate period is about to end, you really should consider remortgaging to save you some serious cash.

    Compare our best remortgage rates

    Three-year fixed-rate mortgage FAQs

    Q. Are fixed-rate mortgages the best choice?

    Fixed-rate mortgages offer you security: you know your monthly repayments won’t change for a set amount of time.

    The trade-off is that fixed-rate mortgages are usually a little more expensive than the cheapest discounted mortgage – but if the Bank of England raises the base interest rate, which is likely to continue to happen, then your discounted mortgage rate could rise as well. So, you have to ask yourself: how important to you is a fixed monthly repayment?

    Q. Can I get a three-year fixed-rate mortgage?

    Yes – there’s no particular eligibility criteria for a three-year fixed-rate mortgage. As with all mortgages, the best products (the mortgages with the lowest interest rates and fees) will only be available if you have a larger deposit.

    For example, if you have a deposit of 5% (95% LTV), you might get an interest rate of 2.8% for three years. If you can increase your deposit to 10% (90% LTV), the interest rate could drop to 2.1%. For a mortgage of £300,000, that’s a saving of £2,500 in interest payments over the three-year fixed period!

    Q. Can I get a shorter or longer fixed-rate deal?

    Yes. Currently, the UK mortgage market offers two, three, five, and 10-year fixed-rate deals. The shorter the fixed rate period, the lower the promotional interest rate – and vice versa.

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    Last updated: 3 July, 2019

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