These are usually
referred to as flexible fixed rate mortgages and any repayment
may be permitted provided it falls short of full and final resettlement.
More often however a redemption fee will apply, and this can
sometimes be set in such a way that it exceeds the duration
of the fixed term mortgage paid at the beginning of the mortgage
An appealing variation
on standard fixed rate mortgages is the capped rate mortgage.
Under such an agreement repayments are capped at a certain level
but if on the other hand the variable rate drops below this
level, payments are made on that variable rate rather than at
the capped rate. The standard fixed rate deal lacks this particular
option, and repayments are made at the agreed rate quite irrespective
of what the variable rate happens to be.
offer different fixed rate mortgages, and so as with most financial
products there is a lot of benefit to be had from shopping around
for the best deal from your own personal perspective. There
are price comparison sites offering answers to all your questions
and a whole host of information that is there to help inform
your decision. Saving just a few pounds each time on monthly
repayments could make a whole lot of difference to a new buyer
who is struggling to meet the ongoing commitment.
Compare some of the
best fixed rate mortgage deals online using the above websites,
and find your best fixed mortgage rate today.