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Regular articles on industry changes by our team.

Fixed Rate Mortgages

Monday, July 14, 2014

More and more pressure is being applied to the Bank of England to raise interest rates, last week they chose to keep the record breaking low's but for how long, speculation resounds the next statement will show a rise. So what should we do?

 


Fixing Mortgage Rates


Fixing the mortgage seems the best option but what are they and what can you get....

As the name suggests, a fixed rate mortgage has an interest rate that is fixed for an initial term - say 2, 5 or even 10 years. This means your monthly mortgage payment will remain the same over the period, giving you certainty and allowing you to budget for a major item of expenditure. At the end of the fixed rate period, the mortgage usually transfers to the lender's variable rate - although it makes sense to shop around at this point to secure the best deal. To compare the UK's best fixed rate mortgage deals, have a look at our independent best buy tables. We have all the latest rates and those all-important terms and conditions.

 

You can get as low as 1.58% from The West Brom and the fix is until 31/8/2016

 

if you have a loan to value of 60% or lower then is the time you to fix?

 

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