Compare Fixed Rate Mortgages
To ensure that you find the best mortgage deal to meet your needs, it is essential that you compare fixed rate mortgages from a number of different lenders. You may wish to use the following comparison tables to help you as you look for a mortgage deal. The term of a fixed rate mortgage can vary from as little as one year to a longer term period of ten years or more. You may therefore like to compare fixed rate mortgages of different terms, as the monthly repayments are likely to vary depending on the length of terms offered.
Fixed rate mortgages tend to carry the following pros and cons for most people:
- Fixed rate monthly payments for the set period, which could help you to assess your budget
- Security against any increasing interest rates during the fixed term
- Mortgage lenders could offer you incentives for fixed rate mortgages
- A fixed rate mortgage could initially carry more costs than mortgages that come with variable interest rates
- In the event that interest rates were to decrease, a fixed rate mortgage may work out to be significantly more expensive than a variable or tracker mortgage
- Paying off your loan early could incur you early repayment charges.
As you consider the pros and cons, you might also like to compare fixed rate mortgage deals with those of tracker mortgages. The interest rates of tracker mortgages are linked to the Bank of England base rate, meaning that they could rise or fall accordingly. However, both fixed rate and tracker mortgages carry potential risks that you should consider.
Require mortgage advice? You can call our mortgage team on:
0117 332 6063
Monday to Friday 8.30am to 7pm