Fixed Rate Mortgages
mortgage guide
A fixed rate mortgage is where the lender offers to guarantee the interest
rate charged for a stated period of time. This gives certainty to the
borrower about their mortgage payments during this time.
Fixed rates are often only available for a limited time, also the lenders
often charge arrangement fees to "reserve the funds" fixed rates
usually carry redemption penalties. The redemption penalties are usually
for the fixed rate period but some times they can continue after the fixed
rate has finished.
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