Fixed Rate Mortgages
Fixed Rate Mortgages Explained...
First Time Buyers love a fixed rate mortgage, this is because the rates are fixed for a particular number of years (usually 2, 3, 5 or even 10 years) so you know exactly what you are paying on a month to month basis.
There are downsides to fixed rate mortgages, if the bank of england base rate gets lowered you will be staying at the higher interest rate. However, if they go up you are covered so long as you stay within the fixed period.
At the end of the fixed rate mortgage period, you’ll be put on the lenders standard variable rate or SVR. This will normally have a higher rate of interest, this is the time to re-mortgage or change the deal with the lender.
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We were getting a little fed up of the local estate agents trying to use their mortgage broker, so we used google, filled out the form, spoke to a guy and had a mortgage which beat quotes from our own bank, with the same bank.
Robbie and Chloe, Belper, UK
Easy process from start to finish, made it as simple as possible for me. Life Insurance was sorted at the same time to save me doing it at a later date.
Tracy Pole, Eastwood, UK
Self Employed builder and struggled with mainstream lenders to get a Mortgage, took me 5 minutes to complete the form and within a week I'd been sorted. Mark and the team helped me loads and love living in my own house.
Anonymous, Allestree, UK
We sent an enquiry about a mortgage and within a few hours a Mortgage Adviser called and went through out details. We received Mortgage Offer in Principal which we sent to the Estate Agents and within a couple of months we were in. The service received is second to none.
Tom & Selina Harold, Derby, UK