Fixed Rate Mortgages

A Fixed Rate Mortgage means that the interest rate (and monthly repayments) will stay the same for a specified period of time. This is often 2 years, but it can be longer.

This type of mortgage suits people who prefer to know exactly what they are paying each month. This option is often favoured by first-time buyers.

Is it right for you? Here's what you need to weigh up..
Pros:

You get peace of mind with this mortgage, making financial planning easier.

Cons:

If the interest rates fall whilst you’re on a fixed rate mortgage, you will not reap the benefits.


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