Fixed rate mortgages
Fixed rate mortgages are one of the most popular types of mortgage. One advantage of a fixed rate mortgage deal is that you know exactly what you will be repaying each month which makes it easier to budget and is more secure for those who are operating within a tight budget.
Top fixed rate mortgages are attractive to homeowners who have a conservative attitude towards risk. In general fixed rates are linked to base rate. As interest rates rise and fall so do the interest rates attached to a fixed mortgage rate.
Most fixed rate mortgages are presented as deals that last for two, three or five year fixed rate mortgage deals, though you can get ten year and even lifetime fixed rate deals. Typically, the interest rates are lower for shorter deals and higher for longer deals. This is because the lender is taking a risk on what the base rate will do over the length of the fixed rate deal, so there is less of a risk in attempting to predict what base rate will do over a shorter period, therefore the rate will be lower for a two year deal than a three year product.
- HSBC unveils first ever 5-year fixed rate deal at under 2.50%
- Santander cuts fixed rate mortgage deals for borrowers
- Nationwide unveils its cheapest ever fixed rate mortgage deals
- Leeds BS cut fixed rate mortgages by up to 0.31%
- The top ten fixed rate savings bonds for 2013
- Clydesdale and Yorkshire Banks bring in lower rate mortgages
- HSBC unveils cheapest ever fixed rate mortgage deals
- ISA season 2013: The top 20 fixed rate cash ISAs
- Post Office unveils cheapest ever five-year fixed rate mortgage
- Barclays cuts fixed rate mortgages by up to 0.2%