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Best uk fixed rate mortgages
Fixed rate mortgages are available for a number of different terms such as 2 , 3 , 5m and 10 year fixed rate mortgages etc. No matter what term you require we will be able to assist you in locating the best uk fixed rate mortgage available.
With the best fixed rate mortgages, you can lock into a fixed repayment cost each month over an agreed period of time and know that, irrespective of changing rates of interest, monthly payments will not be affected. Most lenders charge an arrangement fee for the privilege of receiving a fixed rate. Many refer to this fee as a 'booking fee'. The fixed rate borrower can rest in the knowledge that the monthly mortgage repayment will not change for the agreed fixed period.
2 year fixed rate and 5 year fixed rate mortgages are the most popular and most readily available, although fixed rates that last from ten years up to twenty five years or more are available. At the end of the fixed rate term, the interest rate usually reverts to the lender's prevailing variable mortgage rate. Fixed rate mortgages are usually subject to early repayment charges if you withdraw from the mortgage early.
Best UK Fixed Rate Mortgage
The best fixed rate mortgages available in the UK can be good for first time buyers and anyone on a budget who needs the stability of a set monthly repayment.
The disadvantage of a Fixed Rate Mortgage is that if interest rates drop you will be tied into your set higher rate until the end of the agreement. So you won’t see any decrease in your monthly repayments. Once the fixed rate period is at an end, your repayments will revert to the lenders standard variable rate.