A fixed rate mortgage is a mortgage where the interest rate you pay is fixed during the term of the loan and your monthly repayment would generally stay the same also. If the Bank of England decides to alter the main exchange rate it won’t directly affect the rate of interest you pay.

Whether people decide to take a fixed rate mortgage is often dependent on the interest rates at the time and whether they believe the main interest rates will be rising or falling over the period of the loan.

The cost of this security, however, is that over the period of the loan mortgage rates could go to a lower rate which would effectively mean that you could be paying more than you should.

There is also a choice between the different terms of loans. Depending on your circumstance you may opt for a 15 year, 25 year, 30 or even 40 year fixed rate mortgage.

Many first-time-buyers choose fixed rate mortgages as they may have a tight budget and they don’t wish to leave the amount they pay out to fluctuate. However, there are also capped rate mortgage products that may be suitable as these limit the rate that you would pay.

The process of choosing between a fixed rate mortgage or other mortgage products is one that shouldn’t be taken lightly. By filling out the form on the right of this page you would start the process of trying to find the right mortgage for your specific requirements.

Please note that the mortgages recommended are subject to status and valuation and available to UK residents only aged 18 or over.