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Fix Rate Mortgages
For first time buyers,
getting on to the property ladder can mean keeping a very strict budget.
With variable rate mortgages your payments can vary from month to month.
With a fixed rate mortgage your mortgage payments stay constant for a
set period, so you will know exactly how much you will need to pay for
the duration of the fix rate mortgage deal, no matter what happens to
the base rate. So you wont pay any more whether interest rates go up or
down. The biggest disadvantage to fixed rate mortgages are redemption
penalties. So if you want to re-mortgage after 2 years into a 3 year
fixed rate term you will have to pay a sizeable sum to do so. Many
lenders extend this period to cover the first few years after the
initial deal comes to an end, effectively tying you into to its standard
variable rate for several years. Therefore it makes sense to go for a
fixed rate mortgage if you believe interest rates are going to rise.
Currently mortgage rates are at a 30 year low making this choice
increasingly popular. Many experts believe there is little room for
rates to fall further and if anything are more likely to rise in the
future.
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