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Fixed Rate Mortgage
With a fixed rate mortgage you are able to fix your monthly, fortnight or weekly expenditure towards your home. This product works in a very simple manner which is, a fixed interest rate with the lender for a given time period. The product allows for security of knowing a set payment, regardless of interest rates rising. This form of loan is the most common loan taken out for property in the US. In the UK the term for fixed rate mortgages are mostly 2, 3, 5 or 10 years plans.
The fixed rate mortgage is particularly good for first time buyer as it allows for set monthly payments, which is something that is much needed in comparison to variable interest rates, whereby the monthly outgoing has no exact figure to it.
The idea behind a fixed rate mortgage is that if interest rates are going to rise in the coming years then a good idea is to take out a longer term on the interest rates. Mortgage providers are smart and if they forecast the rise of interest rates, they will increase the APR the longer the term of the mortgage. With the forecast of interest rates to drop, the better decision is to choose a shorter term, and again banks will then offer much more attractive rates on long term fixed mortgages.
The only aspect of the fixed rate mortgage is interest rates are slightly higher than a variable rate mortgage. The behind this is, banks use the difference on the two common types of mortgages as a hedging tool.
With this being the most conventional way for mortgages, we have a wide range of expertise who can advise about fixed rate mortgages. To get in touch simply fill out the form below and an advisor will be in contact with you shortly.
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