A fixed rate mortgage offers the security of knowing your interest rate will remain constant for the entire term of your repayments, as opposed to rates on other loans that fluctuate to reflect the Bank of England's base rate. The stability of this mortgage product makes it a popular choice for UK homebuyers, particularly in light of rising interest rates.
Fixed rate periods typically range between one and five years, however there are now 25-year fixed rate mortgages available. At the end of the fixed rate term, the interest reverts to the lender's standard variable rate.
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