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Speak to us todayIn a fixed rate mortgage arrangement, the interest rate is fixed for a pre-determined period of time. 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.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.
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Echo Wealth Management Ltd is authorised and regulated by the Financial Conduct Authority and entered on the Financial Services Register (https://register.fca.org.uk/s) under reference: 943133.
Registered Address: 9 Fitzroy Place, Glasgow, G3 7RH.
Registration number: SC486212 Registered in: Scotland
The information contained within this site is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
If you have a complaint about your adviser, or any financial advice you have received from your adviser, please contact us.
If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service (www.financial-ombudsman.org.uk)
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