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  • Fixed Rate Mortgages

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.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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Company address: Bingham-Woods Independent Financial Advisors Ltd, 2 Bridge Street, Spalding, Lincolnshire, PE11 1XA
T: 01775 718257 Email: [email protected]

Bingham-Woods Independent Financial Advisors Ltd is an appointed representative of Quilter Wealth Limited, and Quilter Mortgage Planning Limited which are authorised and regulated by the Financial Conduct Authority. Quilter Wealth Limited is entered on the FCA Register (https://register.fca.org.uk/s/) under reference 217742 and Quilter Mortgage Planning Limited under reference 440718.

Bingham-Woods Independent Financial Advisors Ltd (05994922) is registered in England. The registered address is 2 Bridge Street, Spalding, Lincolnshire PE11 1XA.

The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

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