Fixed Rate Mortgage

A fixed rate mortgage is a mortgage where the monthly interest rates are fixed at a pre-specified rate for a pre-specified period of the loan.
It is common for fixed rate mortgages to have the rate fixed for 1, 2 or 3 years, after that period the rate payable will switch to refelct current interest rates.

Mortgage – a definition

Mortgage – a definition
First up in a new series for our Mortgage Glossary we’ll have a look the definition of a mortgage.
A mortgage is a loan usually used to purchase property where the loan is secured against the property.
Mortgage repayments are usually made on a monthly basis, with the payment going towards both the interest [...]