Fixed Rate Mortgages

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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Your home may be repossessed if you do not keep up repayments on a mortgage or other loans secured on it. Think carefully before securing other debts against your homes.