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Fixed Rate Mortgage

A fixed rate mortgage secures the interest rate for a specific period of time, meaning monthly repayments remain the same until the fixed rate expiry date.

The period of the fixed rate varies from lender to lender but can be between 2 and 10 years. Generally, the longer the fixed term period, the higher the rate.

This type of mortgage makes it easier to plan your finances for the set period as repayments will stay the same. This mortgage protects against rising interest rates, but should rates fall there would be no reduction.