Fixed Rate Mortgage

A fixed rate mortgage is a mortgage loan where the interest rate on the deal remains the same through agreed period. Typically a fixed rate mortgage will not be for the term of the entire loan but for a predesigned period of two, three, five or ten years.

A fixed rate mortgage is unlike a variable rate mortgage in as much as the rate you pay, meaning your monthly payment will not change during your fixed period even if the bank base rate (the rate which borrowing is based on) is increased or decreased.

As the mortgage has a rate of interest that is set for an agreed period repaying or making additional payments during this period usually incurs a penalty charge by the lender. The amount of the penalty varies between lenders and products.

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FIXED RATE MORTGAGE