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Fixed Rate Mortgages

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A fixed-rate mortgage is one where the interest rate stays the same for a period of time. During that time period the fixed rate of interest is guaranteed not to change. The period can be anything from 1 to 10 years. The cheapest tend to be two-year fixed rate mortgages, but it may be advisable for you to fix for longer, depending on your preferences.

Fixed rate mortgages have pros and cons. They tend to appeal to people who want to know exactly what their monthly costs are. These individuals are happy knowing that their monthly mortgage payment will remain the same, regardless of interest rates.

On the other hand, a fixed rate mortgage needs to be studied closely. The best fixed rate deal isn't necessarily the one with the lowest interest rate. It's important to fully understand the mortgage product details and compare products to get the best value deal for your budget and circumstances.

For example, mortgage products with lower fixed rates often have higher arrangement fees.

Another pitfall to avoid is the early repayment charge overhang. This is the period of time after your initial benefit or fixed rate had finished during which you are still charged a penalty for repaying your mortgage.

In other words, you could find your self at the end of a two- or three-year fixed rate mortgage deal only to be tied in for another year at the lender's standard variable rate. And that's not something that you want if your goal is to have steady predictable costs each month.

Working with an independent broker will help you:

  • Understand the pros and cons of a fixed rate mortgage
  • Know if a fixed rate product is right for you
  • Get the best rate on fees on a fixed rate mortgage

Contact us today for information and advice on fixed rate mortgages.

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We are 24/7 independent, Whole Of Market Mortgage Brokers

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Building 3, City West Business Park,
Gelderd Road, Leeds, LS12 6LX
0800 0029555
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