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Fixed Rate

Fixed-rate mortgages are able to provide you with the peace of mind that no matter how the market moves, you will always be paying the same rate for the period of your mortgage deal.

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These are great for people who want to keep a note and count every expense so they can plan ahead no matter what the circumstances.

 

At the end of your fixed rate you will possibly go onto a higher variable rate set by the lender so it is highly advised to review your mortgage product when your existing deal is coming to an end.

 

Fixed rates typically have what is called an ERC charge (Early repayment charge). These are charges that tie you into the deal until the end of it. If you choose to leave the deal an extra payment will be given to the lender to leave it.   

We have got to mention

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% of the total amount borrowed, but a typical fee is £495.

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