Popular FAQs On Fixed Rate Mortgages!
Author: Arush Keerthi
Among all the types of mortgages,fixed rate mortgage loans are the most popular ones.In the UK loan market,with the concentration of vast majority of first-time buyers,these types of financial deals are the most preferred types.They are known to be very reliable way of securing funds.
With these kinds of deals,a borrower is assured of paying a fixed amount every month.This will be fixed for a specified period of time irrespective of the fact whatever happens to the Bank of England base rate and the standard variable rate offered by your mortgage lender.At any point of time,if you are confused with the offers,you can reach out to a team of financial experts.They will provide befitting answers to all your queries.You may have various queries regarding them.You can find answers to all by reaching out to them.
You may wonder what types of fixed-rate mortgages are on the market.To your comfort,you will find that there are a massive variety of such loans.This type of loan generally lasts for between two and five years.The latest ones to make entry are 10 and 25 year finances.
Upon the expiry of a fixed-rate term,the interest rate on your loan reverts to the standard variable rate offered by the lender.This is mostly considerably higher than the fixed-rate deal offered.Besides this,there are various queries that borrowers face from time to time.Following are some of the questions and answers:
Are some fixed-rate mortgages flexible?
Yes,some fixed rate mortgage lenders are now offering deals that are flexible.Under this,a borrower can make unlimited overpayment with no charges.
What are the advantages of them?
These types of finances provide buyers stability and peace of mind.Upon any increases in base rate,and consequent adjustments to lender SVR,it will be protected against by the terms of the loan.This enables borrowers to budget for payments.
Are there any disadvantages of fixed-rate mortgages?
The two major problems with these types of finances are early redemption penalties and extended tie-in periods.
These are few of the most asked questions related to these types of funds.By and large,most type of borrowers prefer them due to the innumerable advantages.About the Author:
Sadhana Dhanyal,content developer for finance domains. For more information: Remortgage Advice
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