Fixed-Rate Mortgages in Surrey

Fixed Term – How Does It Work?

Fixed Term Mortgage deals allow you to fix your rate of interest for up to and over 10 years – albeit the majority of fixed-term deals tend to range between two and five years. Fixed-term deals differ from variable deals, which see your interest rate change over time in line with the Bank of England base rate.

Fixed-term deals can, of course, end up more expensive – should interest rates fall. However, they offer you peace of mind and security that, should interest rates rise for any reason, you won’t be paying any extra. Indeed, fixed-term mortgages are the most popular for this reason – they provide consistency and help you budget your outgoings every month.

Most fixed-term deals are either for two or five years. Two-year deals offer the most freedom as you aren’t locked into the same interest rate for too long – meaning you are able to move providers to get the best deals.

Five-year deals can protect your interest rate for a longer period of time. The benefit of this, of course, is that you can rest easy and not have to worry about changing your mortgage over too often.

Whatever option you prefer, our friendly team will support you through the process, take the stress away and do our best to get you a top, top deal.