Fixed rate mortgages are characterised by their interest rate (including compounding frequency, amount of loan, and term of the mortgage). A fixed rate mortgage is usually more expensive than adjustable rate mortgages. Fixed rate mortgages can be good for first time buyers and anyone on a budget who needs the stability of a set monthly repayment. They are the most popular mortgages and almost 75% of all home mortgages are fixed interest rate mortgages.
A fixed rate mortgage makes it easy to plan ahead, because as the name suggests, the interest rate on your mortgage stays fixed. Once the fixed rate period is at an end, your repayments will revert to our standard variable rate. By virtue of the fixed mortgage rate, you are secure in the knowledge that the interest rate is going to remain unchanged for the duration of the fixed rate mortgage.
The Fixed rate mortgages for first time buyers usually have higher initial monthly payments compared to those of adjustable rate mortgages. The fixed-rate mortgage you choose will depend on:the size of your loan, and its relation to the value of your home,the length of time you’d like to fix your rate for. With over 7,000 mortgage deals to choose from and with new deals coming in and out of the market place everyday, getting the right mortgage for you is not an easy task.
Alternatively, you can complete our short enquiry form to speak to a mortgage adviser about your fixed rate mortgage requirements.