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ADVICE COLUMN: EK broker shares tips on fixed rate mortgages

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dailyrecord.co.uk

Hello and welcome to the March edition of my monthly mortgage advice column.This month I’m going to give you an insight into the most common type of mortgage product in the residential property market – the Fixed Rate.Most people have heard of them and might know a little about them, however I want to give an overview of them in a bit more detail and it may help you decide what is best for you, along with speaking with a mortgage broker to guide you to the right outcome.Fixed rate mortgages are a very common type of mortgage that buyers take out to purchase or remortgage their homes.

The Lanarkshire Live app is available to download now. Get all the news from your area – as well as features, entertainment, sport and the latest on Lanarkshire’s recovery from the coronavirus pandemic – straight to your fingertips, 24/7.The free download features the latest breaking news and exclusive stories, and allows you to customise your page to the sections that matter most to you.Head to the App Store and never miss a beat in Lanarkshire - iOS - Android As the name suggests, these mortgages have a fixed interest rate that remains the same throughout the period of time that product is fixed for.

This means that your monthly payments remain constant, making budgeting and planning much easier.The benefits of fixed rate mortgages are numerous.

Firstly, they provide predictability and stability to borrowers. Unlike variable rate mortgages, fixed rate mortgages don't depend on market fluctuations and are not impacted by changes in interest rates by the Bank of England and lenders.They give homeowners the security of knowing exactly how much they will pay each month, which can be particularly helpful for those on a tight budget.

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