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Do you own or rent your home?
If you're looking to lower your monthly mortgage payment or to find a fixed rate mortgage, we can help. UK's top lenders help many people find fixed rate mortgages with which to buy their homes.
What is a fixed rate mortgage?
A fixed rate mortgage has only one thing fixed about it. That is its fixed interest rate. Yes, in a fixed rate mortgage, interest rates are fixed for a set period of time. When you sit down to negotiate the terms of your fixed rate mortgage with your lender, you will decide with them for how long your interest rate will be fixed. Most fixed rate mortgages have fixed rate periods of 3-10 years, but in some cases, lenders offer lifetime fixed rate mortgages.
How will a fixed interest rate will help lower monthly payments?
A fixed rate mortgage will help you plan for the future. When the Bank of England's Base Rate or the standard variable rate fluctuates, the interest rate on your fixed rate mortgage will remain static. This stability allows you to plan ahead with your finances and to create dependable budgets.
What are the benefits of a fixed rate mortgage?
A fixed rate mortgage may be the best choice for a first time buyer because he or she will have stability and a static monthly payment on their fixed rate mortgage. As mentioned above, fixed rate mortgages come in 3-10 year fixed rate periods, and occasionally they come with lifetime fixed rates. After the fixed rate period is over, rates will return to normal, but you will have benefited from the fixed interest rates earlier in the term of your loan. After rates return to normal, you may want to consider remortgaging or finding another fixed rate mortgage. In the UK, interest rates on fixed rate mortgages depend on the fixed rate mortgage products available at the time. You may benefit from services like this which help you find the best rate for your fixed rate mortgage. Mortgage finder services, such as this one, will match you with top lenders, and it will help you get the quote you need for your fixed rate mortgage.
| Loan Type | Rate | APR |
|---|---|---|
| Fixed | 5.6% | 6.9% |
| Tracker | 5.69% | 5.9% |
| Discounted | 5.69% | 6.4% |
| Capped | 6.49% | 7.1% |
About this index Rates may contain points
07 Feb 2008
Now is a great time to consider a fixed rate mortgage because rates are at a low level, and they may be getting lower in the near future with another BoE rate cut forecasted by industry analysts. Whether you're in the market for your first mortgage or you're looking to remortgage at a lower rate than what you're currently paying, now is a great time to consider a fixed rate mortgage.»
25 Jul 2007
Dreams of owning your own home may be unfulfilled if you can’t afford payments due to the ever rising interest rates. If this is the case, a fixed rate mortgage may beneficial because the interest rate will not change during the term of the loan. »
13 Dec 2007
If you're looking to lower your monthly mortgage payment or to find a fixed rate mortgage, we can help. UK's top lenders help many people find fixed rate mortgages with which to buy their homes.»
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