A Mortgage Now - Fixed Mortgage
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What is a fixed rate mortgage? |
| A fixed rate mortgage is a mortgage arrangement where the level of interest charged on the borrowing is fixed for a set period. Typical fixed rate mortgage periods are two, three, five and ten years. |
What are the advantages of fixed rate mortgages? |
| A fixed rate means you know exactly how much your mortgage payments will be for the duration of the fixed rate period. Regardless of underlying economic conditions and base rates your payment is level. |
Who are fixed rate mortgages suitable for? |
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These products are ideal for those on a fixed income or with other major costs to consider such as school fees. First time buyers will often see a fixed rate mortgage as attractive as they may not have spare income to pay a higher rate if interest rates rate.
What are the disadvantages of fixed rate mortgages? Fixed rates are often priced at a higher rate than the equivalent variable rate. When interest rates fall the borrower may feel they are missing out on savings if they are on a fixed rate mortgage. Lenders will usually charge a fee if you want to leave your fixed rate mortgage during the agreed fixed term. |
Can I get a fixed rate mortgage? |
| Fixed rate mortgages are usually available for deals at all loan to values for all applicants. To establish the ranges of fixed rate mortgage options available to you – contact us today. |
