With a Fixed Rate mortgage the interest is ‘fixed’ for a given period of time. Fixed rates appeal to the those who want guaranteed repayments for a specified period, but they lack flexibility and you are likely to face charges if you want to repay the mortgage early.
A fixed rate mortgage provides the security of fixed mortgage repayments until an agreed date, no matter what happens to interest rates.
Your property may be repossessed if you do not keep up repayments on your mortgage.
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