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Fixed Rate Mortgages

What is a fixed rate mortgage?

Pros and Cons of fixed rate mortgages

Should I go for a fixed rate mortgage or a discount rate?

Should I fix my mortgage for 25 years?

What is a variable rate mortgage?

What is a flexible mortgage

Fix and Track Mortgages

Latest BEST BUYS rates for Fixed Rate mortgages

What is a Fixed Rate Mortgage

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: You know exactly what you'll owe. No surprises.

Bad points: 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.

Related topics Should I go for a fixed rate mortgage or a discount rate?

Related topic Should I fix my mortgage for 25 years?

Plus Pros and Cons of Fixed Rate Mortgages

To help you decide what length of fix or discount to take, read What length of deal should I choose?

To find out more about redemption penalties, go to Early redemption penalties explained.

For more on interest rates generally, see What is a standard variable rate?

To check the Best Buy Tables for todays best value Fixed Rate mortgages with NO extended redemption penalties / overhanging tie ins Click here

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Variable Rate

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Fix and Track Mortgages

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Types of UK Mortgages

Repayment mortgages

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Interest repayment arrangements

Complete A-Z of mortgages

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Mortgage Basics

Choosing a Mortgage

Different Mortgage Types

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How to Find your Mortgage

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A to Z all UK Mortgage Types

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Guide to Buying Home in the UK

Guide to UK Home and Mortgage Insurance

Life Insurance Guide

Glossary of UK Mortgage Terms

Mortgage News

Types Of Mortgage

Brief intro

The two major varieties:

Repayment mortgages

Interest only mortgages

Then mix in the various:

Interest repayment arrangements

Finally, to cover all the different types there's a

Complete A-Z of mortgages

Complete A-Z

All UK Mortgage types


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