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Types of mortgages >
Fixed |
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Fixed
rate mortgages
Fixed rate mortgages are all about fixing the rate that is being
charged on your mortgage.
By fixing your mortgage it would mean that the rate on your
mortgage would not change for a given period of time this can be
anything from 1 year to 25 years depending on the lender and the
particular deal they offer.
The reason people arrange this type of mortgage is to ensure
they have some certainty over what they will be paying each
month for the period of time they require. This is because if
you are for example on a fixed rate mortgage for 5 years your
mortgage payments will not change for that five year period.
This obviously allows you to budget for as long as the rate is
fixed. You do not have to be concerned about rising interest
rates and as such rising mortgage costs.
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