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Fixed Rate Mortgages - Best4U Kettering Northamptonshire
Fixed rate mortgages is self-explanatory. The rate of interest is fixed for a defined term, usually between six months and five years. After the end of this term, the mortgage will usually revert to the lenderâ€™s standard variable rate.
The attractions of this are that it makes it easy for you to plan your monthly outgoings, as your mortgage payments will remain constant during the fixed-rate term. Not only that, it also protects you against any rise in interest rates during that time.
On the other hand, you will miss out if interest rates fall. Unfortunately, if this happens then you can’t simply switch to a more favorable rate. Lenders frequently impose penalties on borrowers who change their mortgage before the fixed-rate term has come to an end. Some penalties are more punitive than others, so make sure you check these before committing yourself. Occassionally we also get access to 15/20 year fixed rate mortgages.