We’ve teamed up with Salcey Mortgages to help answer all of your mortgage related questions.
Today’s question is:
“Q: Is a variable or fixed rate best?”
“A: This is a commonly asked question, the answer all depends on your circumstances. Fixed rates will mean you know what your interest rate will be from the outset and you’ll have the stability and security of knowing it won’t change meaning you will pay the same amount for a set period of time. This is advantageous if interest rates were to increase but not so much if they were to decrease. A variable rate (or a tracker rate as they are known as) will often move in line with interest rates, great if they go down but not so much if they go up!”
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. All Mortgages are subject to application