Mortgage Information

Mortgage Types

Fixed Rate Mortgages

Fixed rate mortgage deals are probably one of the most popular choices amongst those intending to take out a mortgage. A fixed rate mortgage deal allows the lender to choose a mortgage that has a fixed rate of interest for the duration of the agreed period of the deal.

Why should I choose a fixed rate mortgage deal?

Many people opt for fixed rate mortgage deals as they offer the ability to make fixed payments on a monthly basis, as these payments are always the same. A fixed rate mortgage can allow you to better manage your monthly finances as you will not see any sudden rises in your monthly payments.

People who have or are in the process of buying their first ever house sometimes decide on a fixed rate mortgage deal due to the great security this mortgage type offers. 

Over what period can I take out a fixed rate mortgage?

The exact period that a fixed rate mortgage deal is offered will actually vary across the many different mortgage providers on the market, however you can expect to find fixed rate mortgage deals that can be from 1 to 10 years.

What happens if the interest rates go up or down?

Whatever interest rate that has been agreed by your mortgage lender will remain fixed during the term of your mortgage.  If mortgage rates take a sudden rise then you are not expected to pay additional amounts on your monthly premium, equally if the interest rate declines then do not expect a reimbursement or payment from your lender.

Are all fixed rate mortgage deals the same?

The concept of fixed rate mortgage deals remains consistent throughout, however every lender may offer different terms.  For example, some loan providers offer a degree of flexibility to allow you to make monthly overpayments without any penalties. Those providers that offer this feature will usually have clauses to the total annual amount that you can overpay by.

How does interest work on fixed rate mortgage deals?

Fixed rate mortgages will have interest rate that is fixed for the duration of the term, however depending on how long you take a fixed rate mortgage deal over will determine the overall rate of interest.  You can usually expect to pay a higher rate of interest if you take out a fixed rate mortgage over 10 years in comparison to a fixed rate mortgage deal over 2 years.

Can I repay my fixed rate mortgage before my term is over?

It is important to remember that should you consider repaying whole or a major part of your mortgage before the agreed term has elapsed, you can expect to be faced with a fee that could be quite significant.

If you anticipate that you are likely to do this then ensure you have read the terms and conditions within the small print of your mortgage offer outlining the fees and penalties.

How do I apply for a fixed rate mortgage deal?

At we have taken the headache out of finding the best fixed rate mortgage deal in the market. By filling out our mortgage enquiry form below, we can put you in touch with FSA regulated mortgage brokers who will be happy to help. Remember this is a free, no obligation service.