Fixed Mortgages
In summary Fixed Rate Mortgages are all about the borrower minimizing their risk against interest rate fluctuations. Moreover they guarantee for a certain period of time that borrowers mortgage payments will stay the same regardless of whether the Bank of England Base Rate rises or falls.
Unlike a Tracker mortgage which is linked to the Bank of England Base Rate (BoEBR), if the base rate falls, so to will your mortgage payments. Equally, if the Base Rate rises so to will your mortgage payments. Effectively the borrower takes the risk and in return the lender will reward you with one of the cheapest rates on the market. However the unpredictability of rate fluctuations and therefore, potential increases or decreases in borrowers monthly repayments isn't for everyone.
Fixed Rates can be more expensive but the borrower is effectively buying security for the defined term of the mortgage deal, whether it be for 2,5,10 or more years. The borrower can rest assured that they know exactly what their monthly payments will be regardless of whether the Bank of England Base Rate is going up, or going down. Advantages of this type of mortgage are that it allows borrows to budget which can be important. Prime candidates for this type of mortgage are First Time Buyers and Young families who need the security of knowing exactly how much their repayment will be every month.
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At North Mortgages our Mortgage Experts will take care of everything on your behalf. Remember, we source mortgages from the whole of the market, so you know your getting the best deals available and all tailored to suit your personal circumstances.
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