The fixed rate mortgage
- Provides you with the option to fix your rate for any period between 1-25 years, however each lender may have only a limited range of options.
- Generally the shorter the term of the fixed rate, the lower the interest rate.
- At the end of the fixed rate period, some lenders may offer an extended fixed rate option otherwise the rate will return to the Lender's standard variable rate.
- An arrangement fee will often be charged by the lender.
- An early repayment charge may apply.