Fixed Rate Mortgage

Fixed rate mortgages, this is a mortgage that has a fixed interest rate for an agreed period of time. If interest rates rise or fall during your agreed fix rate period, your payments will remain unchanged.

Fixed rate mortgages can be more popular during times of uncertainty, becoming increasingly used if it’s considered interest rates are due to rise in the near future.

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Having a fixed rate mortgage can allow you to plan your monthly budget with confidence knowing that your mortgage payments that have been fixed will not change.

Other things to consider:

Fixed rate mortgages can be good for anyone who requires stability in their monthly repayments.

With a variable rate your monthly payments would be effected by any changes to the Bank of England base rate. This may be considered undesirable if you’re a first time buyer who is looking for stability in monthly repayments.

With a fixed rate mortgage you would be safe in the knowledge that your monthly repayments wouldn’t be effected and would remain unchanged as agreed when you took out your mortgage.

Choosing a fixed rate mortgage means you can fix your interest rate for up to five years, although two or three years is not uncommon. At the end of the agreed fixed period the mortgage will revert back to a standard variable rate.

If in doubt talk to an independent financial advisor, make sure everything is explained to you so you don’t have any doubts when making your decision.

Deciding on the right mortgage is for most people the biggest financial decision they will make.

This service offers you access to a full range of mortgages and re-mortgage products (UK only).

Getting the right mortgage for you is essential. Making sure your repayments are competitively low and that you don’t pay over the odds for your mortgage is most important.

First time buyers and homeowners using Choice Mortgages should consider how much the product costs to arrange, any early repayment costs, the initial rate and the APR before making your final decision.

Please note if you do not keep up payments on your mortgage your house could be repossessed. Not all mortgages are regulated by the Financial Services Authority.