Fixed Interest Rate
Your mortgage payments will be set for a fixed period, usually between 1 and 5 years, and will not go up or down no matter what the Bank of England base rate does during the period.
Advantages:
- You can budget knowing exactly what your mortgage costs will be for the entire period.
Disadvantages:
- You will probably be penalised if you make overpayments or pay off your mortgage early.
- If interest rates fall below the rate you are paying you will not benefit from the reduction
For truly unbiased independent financial advice from an FAC adviser, feel free to call us in confidence on 01726 814935
We charge a fee for mortgage advice. Our typical fee is £500
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT.