Best Fixed Rate Mortgage Call one of our independent mortgage advisers for advice on arranging your fixed rate mortgage. Freephone 0800 801079

With the best fixed rate mortgage, the borrower can lock into a fixed repayment cost each month over an agreed period of time and know that, irrespective of changing rates of interest, monthly payments will not be affected. Most lenders charge an arrangement fee for the privilege of receiving a fixed rate. Many refer to this fee as a 'booking fee'. The best fixed rate mortgage borrower can rest in the knowledge that his monthly mortgage repayment will not change for the agreed fixed period.

The longer the fixed rate period, the higher will be the fixed interest rate. Fixed periods of one to five years are the most popular and most readily available, although fixed rates that last for ten years up to twenty five years are often available. At the end of the fixed rate term, the interest rate usually reverts to the lender's prevailing variable mortgage rate. The best fixed rate mortgages are usually subject to early redemption penalty charges if the borrower withdraws from the mortgage early, and can continue for a period after the initial fixed rate period has ended.

The disadvantage of the best fixed rate mortgage is that if interest rates drop you will be tied into your set higher rate - until the end of the agreement. So you won’t see any decrease in your monthly repayments. At the end of the term borrowers will typically be converted to the Standard Variable Rate.

To find out more about a Best Fixed Rate Mortgage , simply complete either the Callback Request form or the Mortgage Quote form to receive details of the Best Fixed Rate Mortgage to suit your individual circumstances. Alternatively call 0800 801079 to speak to a mortgage advisor.

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