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Fixed Rate Mortgages
A fixed-rate mortgage is where your interest rate – and thus your monthly payment – remains the same throughout the agreed period, typically between 2 and 5 years. By contrast, the repayments on a variable mortgage are ever-prone to change, depending on interest rates.
Perhaps the main advantage of a fixed mortgage rate is that your monthly repayment remains the same throughout the agreed term. This can offer you peace of mind, with the predictability of the arrears allowing you to budget each month around your mortgage repayments.
Because of their security, fixed-rate mortgages are often the more expensive and sought after of the two options. Their popularity means there are many providers constantly in competition with each other though, so it it’s always worth speaking to a mortgage advisor to find the best deal.
Variable Rate Mortgages
The option of a variable mortgage rate is undoubtedly the riskier of the two. If interest rates rise drastically – which they may well do – It could turn out to be significantly more expensive. On the other hand, there is always the chance that you’ll end up with a lower monthly repayment, making the variable rate cheaper. The catch is the uncertainty.
If you’re unhappy with your variable mortgage rate, or you’re coming to the end of your fixed term, you may be thinking about changing your mortgage lender. The Money Advice Service also recommends reviewing your mortgage regularly. With the competitive mortgage market constantly churning out great new deals, shopping around for a new mortgage lender can potentially save you thousands of pounds.