Fixed-rate

 

Here, the interest rate you pay remains the same for a set period of time, so your mortgage repayments will remain the same, even if interest rates rise. This type of mortgage is often available as two, three or five-year deal, and gives you the peace of mind of knowing what your repayments will be for the duration of the fixed term.

If you choose a fixed-rate mortgage, you will need to think about arranging your next mortgage deal a few months before it ends, as when it does, you’ll be moved onto your lender’s Standard Variable Rate (SVR), which generally means you’ll be charged a higher rate.

As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.

Want to know more?

Contact Alan Atkinson today for truly Independent advice on:

Call: 01229 463132 / 07967 708710 or email Alan@aamortgagesltd.co.uk

Flat 1, 178 Ireleth Road, Askam-in-Furness, Cumbria, LA16 7DW