Fixed Rate Mortgage Explained
One of the main types of mortgage product on the market so it is important to understand what it is and how it contrasts with a variable rate product.
A fixed rate mortgage means that you know exactly what your repayment will be for the agreed term. This means that you can budget your payments precisely because interest rate changes won't be reflected in your payments - hence a fixed rate. On the downside if interest rates go down, your payments won't be reduced.
Property Articles
We hope you find this mortgage glossary / explanation of mortgage terms useful. You might also be interested in our articles on a range of property related issues, a selection of which are listed below:- Purchasing a Penthouse
- Mortgage payment protection insurance
- Mortgage Fees
- Researching Spanish Property
- Making an Offer on Property
- Non marketed properties and HIPs
- Finding out about building regulations
- Legal Fees on a Mortgage
- Let to Buy Mortgages
- Why Buy in Cyprus
- Property Gazuming Explained
- Home Information Pack Contents
- Guarantor Mortgages
- Steps in the Homebuying Process
- Making an offer on overseas property
