Fixed Rate Mortgage Loans
A fixed rate mortgage loan will essentially require you to pay a fixed amount towards your mortgage debt every month. Unlike many other types of mortgage deal, the interest rates for these agreements are guaranteed to remain the same, regardless of the lenders policy or any outside influences.
The advantages of fixed rate mortgage loans include:
- Knowing that your monthly payments will stay the same
- Saving money and getting the security of knowing your payments will not rise if the Bank of England’s base rate increases
- The security of a fixed rate for a certain period of time, from 2 years to the duration of the mortgage
Because there are so many fixed rate mortgage loans on the market, comparing them can help you to find the best one for you and your individual circumstances and we make this easy by putting you in touch with a mortgage expert who will compare the market on your behalf - just click on the link.
Many people often take out fixed rate mortgage deals, as they are widely considered to one of the most secure options available. For example, first time buyers may not have a lot of money and need to budget for their mortgage, so this could be seen as a good option for them.
If you are looking for a fixed rate mortgage loan, there are many available that could suit you and comparing mortgage deals is a good way of finding the best policies and prices on the market. Please see our comparison tables above for a list fixed rate mortgage loans:
The two main forms of mortgage include repayment and interest only. Repayment mortgages are mortgages stipulates that customers repay their interest as well as part of your loan back each month. The monthly amount you pay stays the same each month and as long as you keep up with your repayments, you can be safe in the knowledge that your debt is likely to be paid off once your contract has ended.
With an interest only mortgage, you arrange to pay back only the interest you owe each month. Most mortgage lenders will expect you to have some form of investment vehicle showing that you are able to pay off the initial loan at the end of the term successfully. This could include an ISA, endowment or pension fund.This form of mortgage is generally seen as a bit more of a gamble as sometimes it can be hard to predict whether the interest rates will be high or low. If they are high, you could end up paying more than you would for a repayment mortgage.
Require mortgage advice? You can call our mortgage team on: 0117 332 6063
Monday to Friday 8.30am to 7pm