Fixed Rate Mortgages in Northern Ireland
With fixed rate mortgages, you have the security of knowing that your interest rate will be guaranteed to remain the same for the duration of the mortgage term, which can be from 2 years to the life of the mortgage.
Before deciding on a fixed rate mortgage deal for a property in Northern Ireland however, it is important to remember that buying a property is one of the biggest investments you will make and so it is worth the time in assessing all your options. For example, many of these deals may carry penalties for customers who pay off their mortgage early, and so if you feel you may move jobs and location in the short to medium term this should be factored in.
When searching for an appropriate mortgage, it is also important to assess the cost of arrangement fees or extra charges that may have to be met depending on the lender. Aside from these factors, these mortgages may have several strengths and weaknesses depending on the circumstances.
Fixed Rate Mortgage Advantages:
- Interest rates are guaranteed to remain the same for a set period, meaning that payments will be easy to budget for and will be set out from the start
- Even if the lenders standard interest rates are subject to change, customers will be safeguarded against any interest increases
- These mortgages are very popular and are therefore subject to a high level of competition in terms of price from different providers, so shop around.
- They are also highly flexible, and deals may frequently be found for between 2 to 10 years, or even a lifetime if required
Fixed Rate Mortgage Disadvantages:
- As these rates are fixed, they will not decrease regardless of any falls in the Bank of England base rate
- Rates are often somewhat more expensive compared to other types of agreement
Require mortgage advice? You can call our mortgage team on: 0117 332 6063
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