With a Fixed Rate Mortgage your Mortgage interest rate would stay the same for a specific period known as the fixed rate period.
A Fixed Rate Mortgage can remain fixed for any length of time, but most commonly a Fixed Rate Mortgage will remain fixed for 2,3,5 or 10 years.
An Independent Financial Adviser would discuss your current situation and plans with you and give you the independent Mortgage advice you need to ensure you pick the right Fixed Rate Mortgage length
The Advantages of a Fixed Rate Mortgage
Getting a Fixed Rate Mortgage would ensure that your Mortgage repayments would remain the same for the fixed rate period
As such, having a Fixed Rate Mortgage will provide you with the security of knowing that you will not find yourself in a position in which you cannot afford to meet your Mortgage Repayments
The Disadvantages of a Fixed Rate Mortgage
The Set up fees associated with a Fixed Rate Mortgage can be high and therefore it is important to shop around. An Independent Financial Adviser can search the whole market for you and provide you with independent Mortgage advice on which Fixed Rate Mortgage is most suitable for you
Usually with A Fixed Rate Mortgage you will be tied in until the fixed rate period ends. If your circumstances change and you choose to end your Fixed Rate Mortgage early for whatever reason, you could be forced to pay early redemption charges. These charges can equate to thousands of pounds. Independent Mortgage advice from an Independent Financial Adviser could help you to avoid this situation
A Fixed Rate Mortgage would provide you with protection against rising interest rates, but if interest rates drop, you could find yourself tied into a Fixed Rate Mortgage with a significantly higher rate than you would be paying otherwise.
By seeking independent Mortgage advice from an Independent Financial Adviser you could avoid being tied into the Fixed Rate Mortgage that is not right for you and get the best Fixed Rate Mortgage deal out there.
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