Compare lifetime mortgage deals
Some potential advantages
If you take out a lifetime fixed rate mortgage, this means that the fixed rate lasts for the lifetime of your mortgage, thus providing a kind of financial security in the form of monthly payments that are predictable, allowing you to maintain control over your finances and budget accordingly.
Some potential disadvantages
On the other hand, you may end up paying more interest on a fixed rate mortgage than you would on a tracker rate deal. This is because the level of interest on a fixed rate deal may be set much higher than the Bank of England base rate. Although a fixed interest rate deal provides financial security, the rate of interest is usually relatively high, which is the price you pay for security.
With these advantages and disadvantages in mind you should use our product comparison tables to find the best kind of mortgage deal for you.