In a fixed rate mortgage, the mortgage interest rate you pay remains the same for a fixed time period, so your mortgage payments will stay the same. This form of mortgage can be fixed for 2, 3, 5 or even 10 years. This gives you the peace of mind that your repayments will remain the same for the fixed term.
If you redeem your mortgage before the fixed term ends you could be liable to pay a penalty which would be a percentage of the remaining mortgage amount. Check your KFI for details.
When we arrange a mortgage or remortgage for a client, we guarantee to always keep you on the best rate. So, three months before your fixed interest period is up, we will contact you to inform you that we are now researching your best move. We will also contact your lender to see what they may be able to offer you.
If you don’t arrange a new mortgage deal before the end of your fixed interest period, your existing lender will you move onto their Standard Variable Rate (SVR), which is normally a higher interest rate than you will have had during your fixed interest period. This will mean that your mortgage payments will be higher.
To discuss the suitability of a fixed rate mortgage for your property in the Antrim or Ballymena area, contact us today https://mortgageoptionsni.co.uk/contact-us/ your local independent mortgage broker
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.