Why go for a fixed rate mortgage?
With a fixed rate mortgage deal you have the advantage of financial certainty with fixed repayments for the term agreed with your lender.
During the fixed rate period is usually between 2 to 5 years, you can feel secure in the knowledge your rate cannot rise.
With a fixed rate mortgage forward financial planning and accurate budgeting are made simpler. You know what you are required to repay on a monthly basis as far into the future as you fixl. Fixed mortgage terms vary but the most common terms agreed are 2 and 5 years.
While 2 and 5 year fixes remain the most common, longer term fixes have increased in popularity over the last year. Deals are currently on offer up 10 years. However as not all lenders offer deals for these length terms, you are advised to contact a mortgage expert such as Deal Direct for a whole market review.
Fixed rates suit home-owners not willing to risk a variable rate deal, and while the base rate is predicted to remain low until 2016, a prediction is not a guarantee.
If you want to avoid taking a financial risk that your rate could increase and you are looking for set monthly repayments then a fixed rate mortgage could be right type of mortgage for you.
For the most competitive fixed rate deals,
call 0800 048 8828.
