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Fixed Rate Mortgages

Buyers entering the housing market for the first time will often find themselves being really stretched to the limit with the commitment they are being asked to make. Today any household with a “normal” income would struggle to make the repayments being asked of them. For this reason there is a lot to be said for fixed rate mortgages, which give the buyer the peace of mind that comes with knowing that, whatever fluctuations may occur in the market, the amount owed at the end of each month will be set in stone, with no nasty surprises.

Fixed rate mortgages are particularly helpful to first time buyers, who with everything else being equal probably find the task of having to meet regular mortgage payments quite daunting. Ordinarily they apply for a limited time period, typically anything between two and five years whereupon the rate will revert to the lender’s SVR (Standard Variable Rate). They tend also to have a lower interest rate by comparison to the standard variable.

Sometimes it will be possible for borrowers to make overpayments without incurring penalties in order to reduce the amount still owing once the fixed term has expired.

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 contract.

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.

Different providers 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.

 
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