Compare fixed rate mortgages
Low fixed rate mortgages can look extremely attractive when interest rates are on the up. The house you’re thinking of buying today could well have affordable monthly mortgage payments now, but be unaffordable in six months should interest rates go up, which is something it's not always possible to predict. Fixed rate mortgage comparisons can show you mortgages that offer payment consistency stretching far out into the future for 10, 15, or 20 years. Even more in some cases.
Why doesn’t everyone get a fixed rate mortgage?
Fixed rate mortgages offer consistent payments that won’t move just because Bank of England interest rates do, which is clearly a good thing should interest rates start moving upwards. However, should mortgage interest rates go down, you may not be quite so well positioned. Your fixed rate mortgage will not move down as the Bank of England base interest rate does. Compare mortgages now and see if any of the cheap fixed rate mortgages on the market would fit with your lifestyle and financial situation, today, tomorrow and perhaps 10, 20, or more years into the future.
Will a fixed rate mortgage help lower my bills?
Should you take out a cheap fixed rate mortgage and interest rates move up, above and beyond what the interest rate was when you took out your fixed rate mortgage, you could find that you’re making a significant saving (on a monthly basis) over what you would have been paying should you have taken another kind of mortgage product. If you get a cheap fixed rate mortgage at the right time you could soon be benefiting from the protection of a fixed interest rate mortgage and monthly payments you know you can manage, instead of suffering financial distress should interest rates rise and your non fixed rate mortgage payments start to snowball.
Okay, I want a fixed rate mortgage. Is there anything else I should know?
Before you choose to move forward with the best fixed rate mortgage deal for you, bear in mind that getting out of a fixed rate can be expensive. With some mortgage products you might find a ‘tie in’ period where you can’t move your mortgage without paying a penalty, a fixed rate mortgage is no different, but can be much more expensive to get out of than other types of mortgage.
Experian® - the company behind LowerMyBills – also provides CreditExpert, which gives you access to your credit report and score enabling you to see what lenders see about you when they make a decision about which financial products or services are available to you.
The LowerMyBills.co.uk mortgage service is provided by BeatThatQuote.com Ltd, an appointed representative firm of Best Value Financial Services Ltd which is authorised and regulated by the Financial Services Authority.
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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