Fixed Rate Mortgages Explained

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Fixed rate mortgages, explained in simple terms, are mortgages where the rate at which interest on the loan is paid is fixed at a particular rate for a particular term. Fixed rate mortgages are generally available for a year, 2, 3 or 5 years. You can also get mid term fixed rates of 10 years, and there are now also 25 year or lifetime fixed rate deals available. See the table below to compare our selection of the latest fixed rate mortgages:

• Easy budgeting: because the rate is fixed, your payments will be the same each month, which makes budgeting easier
• Potential savings: With a fixed rate mortgage, your rate cannot be affected by changes in the base rate, so if it goes up, you will not end up paying out more in repayments.

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