Fixed Rate Mortgages
With a fixed rate mortgage, the interest rate is guaranteed to remain the same for a set period of time, typically one, two, three,
five, or ten years.
This gives the advantage of regular, unchanging monthly repayments during the fixed rate period. After the fixed rate ends, the loan
normally reverts to the lender's standard variable rate.
There are a couple of disadvantages to fixed rate mortgages. Firstly, if interest rates should fall during the fixed rate period
you will not benefit from the savings like you would with a variable rate mortgage. Secondly, the arrangement fees on fixed rate
products are sometimes higher than other types of mortgages.
If you would like further help, please complete
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Your home may be repossessed if you do not keep up repayments on your mortgage.
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