A fixed rate mortgage will guarantee the interest rate for a pre
defined period and therefore your monthly mortgage repayments will be
the same for that period.
The main advantage of this is that you are protected from increases in interest rates and you can budget effectively by being certain of how much you have to pay each month.
The main disadvantages of fixed rate mortgages are that if interest rates falls during your fixed period, your payments will stay the same and will not reduce. In addition there are usually redemption penalties to pay if you cancel your mortgage early.
A professional mortgage advisor can help you to decide which is the best fixed rate mortgage most suitable for you. They'll have access to the whole market and will know which banks and building societies offer the lowest rates for the longest period.
Best Buy Table
View the compare mortgages section to see a selection of the current market leading products.
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