Fixed Rate Mortgages
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.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
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The guidance provided within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
GT Mortgages is an appointed representative of TenetLime Limited which is authorised and regulated by the Financial Conduct Authority. TenetLime Limited is entered on the Financial Services register (www.fca.org.uk/register) under reference 311266.
GT Mortgages Ltd - Registered in Scotland No. SC298635 - Registered Office: 10 Bank Street, Falkirk, FK1 1NB
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Contact Details
GT Mortgages
10 Bank Street
Falkirk
Stirlingshire
FK1 1NB
Phone : 01324 622226