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All you need to know about fixed rate mortgages.
It’s quite simply a mortgage where the interest rate is fixed for a set period of time. This guarantees it will not go up, or down, even if market rates change and you will continue to pay the same amount each month.
So, whilst a fixed rate mortgage will protect you against your interest rate rising, and your monthly repayments increasing, it will also prevent your interest rate reducing and therefore you will not have a lower monthly payment, even if market rates drop.
It really depends on the individual borrower, as there are pros and cons for each interest rate type and you’ll need to carefully consider each option. We have a team of mortgage experts on hand to help explain the available options, or provide advice in relation to which type of mortgage best suits your individual needs, so please get in touch to find out more or visit our variable rate mortgage page.
It’s really important before taking out your mortgage that you read and understand the European Standardised Information Sheet (ESIS) which will be issued to you once you have applied for your mortgage. This includes full information about what happens at the end of your fixed rate mortgage. Generally speaking at the end of your mortgage product term you will most likely move onto your lender’s Standard Variable Rate, and be able to arrange a new mortgage deal.
For our existing borrowers we get in touch before their mortgage product reaches its end date and outline the available options. For borrowers who choose one of our special [follow on rates] we’re usually able to move them onto this in line with the expiry of their current product.
Your monthly repayments will be calculated on the amount you need to borrow, how long your mortgage will last, the repayment type and the interest rate payable. As your rate is fixed you can be sure that your monthly repayments will remain the same throughout your mortgage product term. To get a quick idea of the cost of a fixed rate mortgage you can use our mortgage finder to select a product, then visit our mortgage repayment calculator and input your figures.
When you apply for a mortgage you should expect lenders to take a good look at your circumstances in order to ensure the mortgage is affordable both now and in the future, should things change. The application process may include a check on your credit history to highlight outstanding loans and credit cards, plus you’ll need to submit full details of your income and all your financial commitments plus usual levels of expenditure. By conducting these checks it helps to assess whether your mortgage will be affordable and deemed as an acceptable risk – for both the borrower and the lender.
Why let age stop you? We’re specialists at lending to borrowers who are taking a mortgage in, or into, retirement. Visit our later life page for the latest information.
Ipswich Building Society explained the process very clearly at each stage. My mortgage consultant was extremely helpful and efficient, she responded to my questions and queries very promptly and in general the process went very smoothly.
It is very easy to contact Ipswich Building society and to speak to an advisor. I received good advice and I am very happy with my mortgage. Everything was set up with the minimum of fuss.
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Get an idea of how much you could borrow, calculate monthly repayments and see the difference an overpayment could make.
We have conversations, not algorithms.
Our decisions are made by experts, not computers. We need to calculate the financials, but we understand there’s more behind a mortgage than the numbers on a page. We can’t promise to lend to everyone and anyone, but we’ll consider most applications on an individual basis.
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