Secure your monthly payments with a fixed rate mortgage. Your interest rate stays the same for a set period, providing payment security and budgeting certainty.
Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.
Fixed rate mortgages lock your interest rate for a specific period, typically 2-5 years. This means your monthly payments remain the same throughout the fixed period, regardless of changes in the Bank of England base rate.
Your interest rate is locked in for the fixed period, protecting you from rate increases and providing payment certainty.
Choose from various fixed periods, typically 2, 3, 5, or 10 years, depending on your needs and market conditions.
Fixed rate mortgages typically have early repayment charges if you want to switch or pay off your mortgage early.
Fixed rate mortgages offer several advantages, particularly for those who value payment security and want to budget with certainty.
Your monthly payments remain exactly the same throughout the fixed period, making budgeting easier and more predictable.
If interest rates increase, your payments stay the same, protecting you from higher monthly costs.
Knowing exactly what you'll pay each month makes it easier to plan your finances and manage other expenses.
No need to worry about rate changes affecting your monthly budget or ability to make payments.
While fixed rate mortgages offer security, there are some potential drawbacks to consider before choosing this option.
Understanding the limitations helps you make an informed decision about whether fixed rates are right for you:
The length of your fixed rate period is an important decision that depends on your circumstances and market conditions.
Good for those who want short-term security or expect to move or remortgage soon. Usually has the lowest rates but less long-term protection.
A middle ground option offering reasonable security without committing to a very long period. Good balance of rate and flexibility.
Offering good long-term security. Rates are usually competitive and provide significant payment protection.
Maximum security for those who want long-term payment certainty. Rates may be higher but provide the most protection.
Think about your future plans - if you might move, need to remortgage, or want flexibility, shorter fixed periods may be better.
Consider current interest rate trends. If rates are low and expected to rise, longer fixed periods may be advantageous.
Fixed rate mortgages are ideal for certain situations and borrower types. Understanding when they make sense helps you make the right choice.
If you need to know exactly what you'll pay each month and want to avoid any payment surprises.
When interest rates are expected to rise, fixing your rate protects you from future increases.
If you plan to stay in your home for several years and want payment stability.
Get expert advice on fixed rate mortgages and find most appropriate deals to secure your monthly payments.