Fixed Rate No Fee Mortgages
A fixed rate no fee mortgages work under the basis that customers will only have to pay a fixed interest rate for the duration of their current interest rate deal. Unlike other types of mortgage such as a tracker, or variable interest rate agreement that will be heavily influenced by the Bank of England and the lender as time goes on.
Whilst a fixed rate no fee mortgage may appear to have a number of advantages of over types of mortgage deal, it should be remembered that like any financial product, they are not without their disadvantages.
To compensate for the fixed nature of these types of mortgage, lenders may often set their interest rates slightly higher than other types of mortgage. For borrowers, it should be remembered that although this initial rate may still work out considerably cheaper for them in the long run, their interest rates cannot decrease regardless of any outside influences.
Fixed rate agreements are considered very popular, and many customers find the apparent security of this type of mortgage very appealing. Depending on the needs of customer, fixed rate agreements may last for a number of years, ranging from just one or two years, to even 10 years or longer.
As a general rule, the longer the customer is contracted to a fixed rate no fee mortgage, the higher their interest rates will be for the duration of the agreement.
Although there are a variety of different lenders that specialise in offering customers fixed rate and other similar types of mortgage agreement. It is always recommended to research the market as much as possible for the best mortgage comparisons, as some providers may even offer a fixed rate mortgage with no fees or other similar benefits.
If you are searching for a fixed rate no fee mortgage, you may wish to see our mortgage comparisons table above for more information on the various mortgage deals that are available.
Require mortgage advice? You can call our mortgage team on: 0117 332 6063
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