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Fixed rate mortgage uk

So what’s a fixed rate mortgage?

Well this is a mortgage that has a fixed rate of interest (terms and conditions some allow a change) which is very useful in 2 ways..

The first main way is you can plan how much of your income / money will go into paying off your mortgage per month / year…

The fixed rate is static for the period of time stated by a lender..

The second reason is if you feel that interest rates will go up (if the bank of England put them up) your repayments will not increase for the fixed period.

I just looked up one site and saw fixed rates upto 5 years and after this time it will return to a variable… The example I saw had 4.24% fixed rate until 30.11.07 then 5.25% after..

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