Fixed Rate Mortgages

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• Want access to exclusive fixed deals lenders make available to us?

STOP PRESS: With the recent credit crunch — mortgage lending is very fast paced at the moment — fixed rate mortgage deals are being offered at 9am and are being sold out by 3pm — Now more than ever is the best time to use the services of an impartial mortgage advisor — who has access to exclusive lender deals and the ability to apply electronically to most lenders — ensuring your best fixed rate mortgage deal is secured for you — before the money runs out! — — — — with rates moving so quickly it is impractical to quote any rates here — please call us — APPLY NOW - CLICK HERE !

 

Fixed rate Mortgage deal or Tracker Deal ?

Is a fixed rate mortgage right for you ?

Well . . . . it depends , no one can predict future interest rates or what will happen witth the banking system - the last 2 years have clearly taught us that . Should you opt for a fixed rate mortgage or tracker rate mortgage - it really does come down to individual circumstances. There are a few guidelines such as if the mortgage payment takes up a significant part of your monthly income then a fixed rate mortgage might be worthwhile looking at, or if a 1% interest rate rise would make the mortgage difficult for you to afford - again this is a sign that a fixed rate mortgage might be a better choice, talk your case through with an experienced mortgage advisor and they will make the decision making process much clearer for you.

With fixed rate mortgage the interest rate is fixed for the fixed term, such as three or five years, and during this period your repayments will remain the same each month no matter what happens with the base rate set by the Bank of England.

Looking at the graph on the right - would you predict interest rates will stay low, go lower or rise ?

 

Although you often pay slightly more for a Fixed Rate Mortgages, for many people the added security is worth paying for.  They find that a Fixed Rate Mortgages enables them to budget more easily and to rest assured that their payments will remain the same no matter what happens to the base rate.

Fixed rate Mortgage Deals - Act Fast !

Caution: With interest rates so low at the moment NOW may be the time to get a great fixed rate mortgage deal, Many people are making the mistake of staying on their lower tracker rates and enjoying the reduced monthly payments — However it is highly likely that interest rates may RISE and when they do, lenders will pull their current low fixed rate mortgage deals almost instantly and replace them with higher fixed rate mortgage deals. Don't miss out on the great fixed rate mortgage deals available today - right NOW!

 

Fixed Rate Mortgages - what are they ?

the interest rate on a fixed rate mortgage remains fixed for the period selected eg 2 years for a 2 year fixed rate mortgage or 3 years for a 3 year fixed rate mortgage.  The typical fixed rate period for a mortgage is betwenn 2 years and 5 years..  Fixed rate mortgages protect the borrower against interest rate rises for the fixed term. after the fixed rate term ends, the interest rate reverts to the lender’s standard variable rate.

Fixed rate mortgages are an effective solution for those that want to enjoy some form of financial stability, and this type of mortgage can make budgeting far easier, particularly for lower income homeowners that cannot afford to be hit with higher repayments if the interest rate rises.

 

Advantages of a fixed rate mortgage deal

• It is easier to budget for your mortgage repayments as you will know exactly how much you will be paying over the fixed rate period.
• You are protected from any increases in the Bank of England's base rate whilst you are in the fixed rate mortgage period.

Disadvantages of a fixed rate mortgage deal

• Early redemption penalties will almost certainly apply to your fixed rate mortgage deal, which may also extend beyond the end of the fixed rate period. so be careful if arranging your own fixed rate mortgage deal - This means you will be unable to change your fixed rate mortgage deal during the 'early redemption penalty period' without paying a fee, which may be up to the value of six months mortgage repayments.

Consequently:

- During the fixed rate mortgage deal period you may miss out on a more competitive interest rate if the lender's standard variable rate drops to less than the fixed rate.

- You may be trapped in an uncompetetive rate once the interest rate reverts to the lender's standard variable rate.

You will normally have to pay an application fee when arranging your fixed rate mortgage.

NB This information is provided to give you an overview of the different types of mortgages available. It is not comprehensive and you should not base your mortgage decision on the information found here. We recommend you contact us in order to determine the most suitable mortgage for you.

 

Apply Now for your fixed rate mortgage deal!!

If you want the best fixed rate mortgage deal then complete our quick 60 second enquiry form and one of our Mortgage Advisors will call you back and discuss what deals are available for you;

 

• Fixed Rate Mortgages
• Best Fixed rate mortgage deals

 

 

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