Fixed rate mortgage
If you wish to guarantee your mortgage payments over a period then a fixed rate mortgage might be what you are looking for.
Set for a certain length of time a fixed rate mortgage can be often between 2 and 10 years in duration; once this period is finished you will be returned to the standard variable rate mortgage. Of course you can talk to your mortgage provider or us about another package when your fixed rate is concluded.
The main point to a fixed rate mortgage is that no matter how the Bank of England interest rates change you will always pay the same monthly payments to your mortgage company. This will benefit you if the interest rates go up but penalise you if they go down.
So while you are OK if rates go up, you'll be paying more than you would have done if interest rates fall during the fixed rate period.
On the up side you know, each month, what your mortgage payment will be, whilst you are in the fixed rate period; however often the best fixed rate mortgages come with a higher than normal arrangement fee. Also there may be an Early Repayment Charge if you wish to repay your mortgage whilst still under the fixed rate.
Fixed rate mortgages are not straight forward and may have other aspects that you would like to discuss. So please get in touch with us so we can keep you up to date with all the elements of a fixed rate mortgage.
For Solicitors we act as introducers only
FCA does not regulate Solicitors
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBTS SECURED ON IT.
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