Do you want to take out a mortgage and ensure your interest rates stay fixed at the same level for a set period of time? If so, you could be looking for a fixed rate mortgage. We’re a team of independent mortgage specialists based in Newcastle-Under-Lyme, Staffordshire, close to Stoke-on-Trent. We aim to provide all our clients with honest, open and simple advice that’s tailored to your individual circumstances and requirements. If you’d like to receive expert advice on the most suitable fixed rate mortgage options for you, please contact us today on 01782 346 491.
In a fixed rate mortgage arrangement, the interest rate is fixed for a pre-determined period of time, which can be for up to 5 years or more. The monthly mortgage payment will not change, no matter whether the Bank of England, or the mortgage provider, raises or reduces their interest rates. For the borrower, the advantage of a fixed rate deal is that he or she knows exactly how much their monthly repayment is going to be each month and for how long.
In some instances, the interest rate charged on a fixed rate mortgage can be higher than the interest rates charged for other types of mortgages. The borrower may also have to pay an arrangement fee to set up a fixed-rate deal.
Usually, once a fixed rate arrangement comes to an end, the lender's standard variable rate applies.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
If you’re based in Newcastle-Under-Lyme, Stoke-on-Trent or the wider Staffordshire area and you’re looking for advice on a fixed rate mortgage, contact us today on 01782 346 491. One of our friendly fixed rate mortgage advisers will be happy to help.
