Fixed rate mortgages
With a fixed rate mortgage, the interest rate is fixed
for a period of time - usually between two and five years, but the term
can be as long as ten. During this period your repayments will be a set
amount, after which your mortgage reverts to a Standard Variable Rate
(SVR).
Pros:
- Makes for easy budgeting
- For the duration of the set period, you'll be protected
from any interest rises
Cons:
- If interest rates fall, you could miss out on repayment
reductions
- Some fixed rate mortgages require you to continue
with the SVR for a period of time after the fixed term
- Check for penalty clauses if you decide to change
your mortgage after the fixed rate term
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