Fixed Rate Mortgage
If you want certainty of mortgage payment then a fixed rate is for you. The rate of interest that the lender will charge will remain fixed for a pre-defined length of time. This could be anything from one year to 25 years.
As a rule of thumb the longer you want to fix for the higher the rate will be. It is common for mortgage lenders to charge exit penalties (early redemption charges) during the time of the fixed rate but once the rate has finished those exit penalties normally stop.
For further information and advice or to arrange a consultation please contact us.
