Fixed Mortgage

Probably the most common product today. The rate is fixed for a designated period of time i.e 2,3,5 years and then switches to the standard variable rate.

Pro's

• You have a fixed rate for a fixed period.
• You are protected from rate increases.
• You know how much each monthly payment will be for the agreed term making budgeting easier.

Con's

• There maybe early repayment charges.
• You will not benefit from interest rate reductions.

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