For example, if the Bank of England base rate increases your interest rate won’t increase. You won’t be affected by any fluctations in interest rate changes within the wider market for the duration of your fixed rate period. Your interest rate will stay the same for a set period of time, so you know exactly how much you will pay each month for this set period. There can be other lengths of fixed rate product terms on the market. How long can you fix the interest rate for?įixed rate mortgage deals can last between 1 and 15 years. This means that your monthly repayments would be a fixed amount each month and wouldn’t increase within your fixed term deal. At the end of the fixed term, your interest rate will revert to our Standard Variable Rate. This means you’ll pay the same amount every month for the duration of the fixed term. Fixed Rate Mortgages What is a Fixed Rate mortgage?įixed rate mortgages have a fixed interest rate.
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