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Fixed Rate Mortgage Advice
A fixed rate mortgage allows you to repay interest at a fixed rate, irrespective of any fluctuations in the standard interest rate offered by your lender at any given time, to reflect changes in the Base Rate.
The upside is that your monthly budget is transparent throughout the loan period agreed – your repayments remain the same every month, which is great to know. But a Fixed Rate isn’t always the best option.
The certainty provided by a fixed rate mortgage means you can budget for other household costs, knowing your mortgage repayments can’t suddenly shoot up.
For first-time buyers or homeowners on a tight budget, fixed rate mortgages are particularly appealing, as they provide a stable, monthly repayment.
You can calculate how much your mortgage is going to cost by using our mortgage calculator.
Interest charges on fixed rate mortgages will be higher than on variable rates and are unlikely to be the cheapest offer available. This is because the lender has to factor in any potential interest rate increases during the future term of the mortgage agreement, which they can’t then pass on. If the Bank of England was to reduce its base rate, anyone on a variable rate mortgage will see their repayments fall in due course, but if you are on a fixed rate mortgage it won’t change until the end of your agreed term.
If you apply to get out of the deal before the end of the fixed term, most fixed rate mortgages apply a penalty charge, known as an early repayment charge (ERC).
Fixed rate mortgages may also be subject to a ‘booking/arrangement fee’ levied by the lender.
We will explain the implications of these potential costs in more detail, before you make any commitment, if we believe a fixed rate mortgage is beneficial for you. We will also obtain an illustration of your mortgage payment plan.
Just as important as securing the physical bricks and mortar, you need to formulate a plan to finance your home while providing broad financial security for your family in the future.
Our wealth of specialist experience means we offer you impartial advice, based on a clear understanding of all your needs – today, and in the future: which means you can face the future with increased confidence.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments