Fixed rate mortgages can make some aspects of financial planning easier. Find out all you need to know here.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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Fixed rate mortgage guide

What is a fixed rate mortgage?

The interest rate on a fixed rate mortgage is guaranteed to stay the same for the first few years of the mortgage. This fixed period is usually three to five years although we may be able to offer you a longer term.

Once the fixed period is over, you will be charged a variable rate and the interest rate can vary each month.

Fixed versus variable rate mortgages

Fixed rate mortgage payments do not change when the base rate goes up or down. This makes them easier to predict than variable rate mortgage payments.

However, it also means that you will not benefit if interest rates drop.

Choosing a mortgage

When selecting a mortgage consider:

  • Your comfort level: Would you rather know in advance exactly what your payments will be, or do you want the potential benefits of a change in interest rates?
  • Your financial capacity: Can you cope with a rise in interest rates?

Our specialist mortgage team will help you pick the most appropriate mortgage for you.

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