What Are Fixed Rate Mortgages?

A fixed rate mortgage is a mortgage where the interest rate remains the same for a specified period, even when the Bank of England base rate changes. This is ideal when the rate of inflation increases, causing interest rates to fluctuate on loans, as you will know exactly what your monthly repayments are. Typically the fixed rate period is for the first 2 to 5 years of the mortgage, but you can get fixed rates for the entirety of the mortgage. Fixed rates can be applied to other loan types such as interest only mortgages and adjustable rate mortgages upon discussion with the individual lenders.

Pros & Cons

• Great for people who work to a specific budget and need to know exactly what their repayments will be over a period of time.
• Your fixed rate may seem a fantastic choice at the time, especially when interest rates increase, but when the rates fall you will remain at your fixed rate price.
• When the fixed rate period ends, your repayments could easily increase by £100 or more. It is vital you budget for this, as many people are caught out and get into arrears.

Our Offer to You

As the market is becoming more competitive, the choice of fixed rate remortgages has improved and more lenders are offering competitive deals for a fixed rate remortgage plan. We have brokers who search the market to find the lowest rates possible, reflecting your individual needs and requirements. Whatever your employment or financial status we have specialist lenders who work around your individual circumstances to ensure that you receive the best remortgage deal available at affordable prices.

Whether you are a first time buyer or looking to remortgage your home, simply complete our quick and easy remortgage application form, where we do all the hard work for you.