Fixed Rate Mortgage
With a fixed rate mortgage the lender charges a specified rate for the initial period. At the end of this period the rate reverts to the standard variable rate offered by the lender.
Fixed rates usually last for between 1 and 5 years, although some lenders do offer longer term deals.
The advantages of this product are that you know how much your mortgage will be costing you for that initial period.
If interest rates go up, you won’t pay any extra. If interest rates come down however you will not benefit from lower repayments. Also fixed rate deals often have early repayment charges.
At Hurleys we have access to the whole of the market and will advise you if this is the most suitable product for you, which lender to choose and the most efficient way to proceed.
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