Thank you for your enquiry for a Fixed Rate Mortgage
Each person has unique and individual circumstances and requirements, and our recommendation for your Fixed Rate Mortgage will reflect your own personal needs.
To enable us to provide you with an initial quote for your Fixed Rate Mortgage please submit your details and we will try to contact you today.
Fixed Rate Mortgages will offer guaranteed interest rates so that your payments remain the same. In this way, these mortgages are viewed upon as more secure. You may plan your budget and that makes it more likely to guarantee you can afford the payments.
With variable rate mortgages, the rates adjust according to the varying bank rates. That is why they are viewed as more risky and why the majority choose a fixed rate mortgage.
The disadvantages of Fixed Rate Mortgages then are that they are less flexible and the rates tend to be higher than what is offered initially on a variable rate mortgage. Although a variable rate may appear to be more affordable since the rates are lower initially, you could be in for a surprise later. In other words, a fixed rate stays the same while an adjustable rate changes depends on the present going rate.
You are paying a little extra for the security of being locked into a specific interest rate for many years with fixed rate mortgages.
If you are unsure, you could consider a shorter period for your fixed rate mortgage. Five years of being locked into a rate is much less intimidating than 20 years. You then need to be prepared to pay whatever the rates adjust to when the agreed upon fixed rate term is complete.
In addition, it really depends on your circumstances and whether you are looking for a long-term commitment. If you do not intend to stick around for 20 years, it would not make sense to commit to long term, Fixed Rate Mortgages.
If your intention is to stay in one location for many years and you want to guarantee the price of your payments for that time, Fixed Rate Mortgages are more suitable in those circumstances.
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The Mortgage train is a trading style of SourceIFA Limited. Registered office Argyll House, 158 Richmond Park Road, Bournemouth, Dorset. BH8 8TW Registered in England and Wales No. 06363148. This website is produced for information only and does not constitute or offer advice.