Correct at 31/03/2020
If you're looking for the peace of mind that a fixed rate mortgage can provide, L&C is here to help.
At L&C we do all the hard work on your behalf. We can compare the best fixed rate mortgages and find out which deals you’re likely to qualify for, but our service doesn’t end there. Once we’ve found the best fixed rate mortgage deal for you, we’ll support you through the application process from start to finish, making sure everything goes smoothly.
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Whether you’re looking for a short-term fixed rate mortgage lasting 2 or 3 years, or a longer-term fixed rate mortgage over 5 or 10 years, L&C will find you the best deal for you.
Fixed rate mortgages have lots of benefits, the most important being that your monthly payments won’t change. So, even if interest rates go up, your payments will stay the same for the duration of the fixed period. This can provide valuable budgeting certainty, as you’ll know exactly how much you’ll have to pay each month.
There will usually be Early Repayment Charges (ERC’s) to pay if you leave your fixed rate mortgage deal early. That means when choosing how long you want your fixed rate to be, you’ll need to think carefully about whether your circumstances are likely to change. Contact us if you want advice about the different fixed rate options that are available to you.
Find out more in our guide 'What is a fixed rate mortgage and how do they work?'
When your fixed rate mortgage ends, you’ll usually move onto your lender’s standard variable rate (SVR) unless you remortgage to another fixed rate or another mortgage deal.
Most fixed rate deals are portable if you move house during the fixed rate period, but you’ll need to meet your lender’s criteria at the time, and if you need to borrow more, this is likely to be at a different rate.
Lenders will typically calculate mortgage interest on a daily basis, rather than using the old annual interest rate method. Calculating interest daily is a fairer method as it takes immediate account of any capital payments made.
It is possible to get a 1 year fixed rate mortgage, although this length of fixed rate deal isn’t always available. Most fixed rate mortgages run for 2, 3, 5 or 10 years or sometimes longer.
Choosing the right mortgage for you can be really tricky.
At L&C our expert advisers guide you through the process. Simple and efficient.
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