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Fixed deals, best term

Fixed deals, best term Mortgages
When choosing your mortgage, another consideration is whether to choose a Fixed or Variable deal.

There are 2-year, 5 year and even 10 year fixed with options in between. There are many considerations, with a variable rate mortgage your monthly payment may change with the movement of the bank of England base rate but with a fixed rate mortgage your payment will be fixed for a period of time.

Typically, if you do not view this purchase as your “forever home”, you may want to consider a short term fixed mortgage over 2 years meaning your payments will be fixed for 2 years after which point if you move or change mortgages, you can then quit the mortgage with no penalty.

If you chose a 5-year deal, you will be fixed into the mortgage for 5 years meaning that you would be charged an early repayment charge if you tried to pay off the mortgage within that 5 years, hence more appealing if you view the purchase as a long term one.

Our expert advisers will talk you through your options and help you to find the best solution.

Your home may be repossessed if you do not keep up repayments on your mortgage.There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.