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Fixed Rate Mortgages |
Resource of the latest information of Fixed Rate Mortgages. It contains other latest useful information of Fixed Rate Mortgages along with other details of Mortgage, Loans, Lenders and other money facts. Keep on visiting the site for the latest and updated detail of Fixed Rate Mortgages.
 This type of mortgage is where you and the mortgage lender agree to fix the interest rate owed on your loan for a set period of time. The period of time is usually between 1 and 5 years but could be longer. (That simply depends on the exact mortgage deal you choose). After the agreed period, the interest rate owed on your loan usually reverts to the lender's Variable Rate. Good Points of Fixed Rate Mortgage: You know exactly what you'll owe. No surprises. Bad points of Fixed Rate Mortgage: If interest rates drop you may be paying more than you might have done if you'd gone for the Variable Rate. But interest rates might rise... At least you're not gambling with your home... If you want to leave before the agreed term the early redemption penalty is usually significant. For example you may be charged six months gross interest if you leave a five-year fixed rate agreement. Some penalties could even go beyond the fixed-rate period. This would be an "overhanging redemption penalty". Always read the small print and ask as many "stupid questions" as you feel like. You must be clear on what everything means. A fixed rate mortgage is good if you need to budget for a given period of time, as you can shop around for the best introductory offer and still take advantage of variable rate mortgages a few years down the line. |
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