Fixed rate mortgages
When you take out a fixed rate mortgage, the interest rate you pay is fixed for a given period – which can be anything from one to ten years. After this period the rate will jump back to the lender's standard variable rate (SVR), which can change at any time.
While fixed rates are usually higher than variable rates, they give you the security of knowing exactly what your repayments will be each month, which can make it easier to plan your finances. You're also protected against rises in interest rates during the period – although you could lose out if rates fall.
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