Compare Buy To Let Fixed Rate Mortgages
A fixed rate mortgage is a type of interest rate deal that allows customers to repay a fixed amount of interest on their loan every month. Regardless of how interest rates change you will pay the same each month.
The starting rates for fixed buy to let mortgages may vary a great deal from provider to provider. However it is important to remember that competition for these mortgages will always be high due their popularity. As such, customers should shop around and compare mortgage deals from a number of providers before making any final decisions. For more information, please see the mortgage comparisons table above.
The following are some of the advantages of taking out a fixed rate buy to let mortgage:
- Security and comfort in knowing that your repayments will be the same each month.
- Beneficial to those who are on a tight budget, therefore have greater control over your finances.
- Protected against the unpredictable accession of interest rates.
For many people a buy to let fixed rate mortgage may be a preferable choice, but this is not to say they may not come without any disadvantages. Some of the disadvantages to fixed rate mortgages include:
- You may be paying more than you need to if the interest rates are low.
- There may be fees and charges attached that are costly.
- Buy to let fixed rate mortgages tend to be longer and premiums are sometimes higher than usual.