Benefits of fixed rate mortgage rates include:
- Even if the Bank of England base rate changes, your rate stays the same
- Your repayments will remain the same so you know where you are each month (especially useful for first time buyers and those on a tight budget)
- You can save money by retaining your interest rate if the base rate goes up
Fixed rate mortgage rates are competitive and can bring some benefits, but also mean that you will not benefit should the Bank of England base rate drops because your interest rate will remain the same. Compare fixed rate mortgage interest rates to find the best deal for you.