YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
In a fixed rate mortgage arrangement, the interest rate is fixed for a pre-determined period of time, which can be for up to 5 years or more. The monthly mortgage payment will not change, no matter whether the Bank of England, or the mortgage provider, raises or reduces their interest rates. For the borrower, the advantage of a fixed rate deal is that he or she knows exactly how much their monthly repayment is going to be each month and for how long.
In some instances, the interest rate charged on a fixed rate mortgage can be higher than the interest rates charged for other types of mortgages. The borrower may also have to pay an arrangement fee to set up a fixed-rate deal.
Usually, once a fixed rate arrangement comes to an end, the lender's standard variable rate applies.
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Haworths Financial Services Limited
Suite 7
The Globe Centre
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Accrington
Lancashire
BB5 0RE
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Haworths Financial Services is an Appointed Representative of Quilter Financial Services Limited and Quilter Mortgage Planning Limited, which is authorised and regulated by the Financial Conduct Authority. FCA No: 494163.
Haworths Financial Services Ltd. Registered office: Suite 7, The Globe Centre, St James Square, Accrington, Lancashire, BB5 0RE. Registered in England and Wales, company number 5062508.
Tel: 01254 945945 Email: enquiries@haworthsfs.co.uk
The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK.
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