In a fixed-rate mortgage arrangement, the interest rate is fixed for a pre-determined period of time, 2, 3, 5, and 10 years are commonly available, but other options do exist. The monthly mortgage payment will not change, no matter whether the Bank of England or the mortgage provider raises or reduces interest rates. For the borrower, the advantage of a fixed rate deal is that they know exactly how much their monthly repayment is going to be each month and for how long.

In some instances, the interest rate charged on a fixed-rate mortgage can be higher than the interest rates charged for other types of mortgages. The borrower may also have to pay an arrangement fee to set up a fixed-rate deal. Usually, once a fixed rate arrangement comes to an end, the lender's standard variable rate applies.

Your property may be repossessed if you do not keep up repayments on your mortgage.

London Stock Exchange

Value Move %
FTSE 100
9479.14 -12.11 -0.128
FTSE 250
22099.74 -97.879 -0.441
FTSE 350
5180.46 -8.5 -0.164
FTSE All Shares
5125.18 -8.23 -0.16
Dow Jones
46694.97 -63.313 -0.135
Nasdaq
22941.668 161.162 0.707

Currencies

Value Move %
0
1.151 0.003 0.288
GBP/NOK
13.372 -0.055 -0.41
0
12.635 0.008 0.06
GBP/USD
1.348 0 0.012

Biggest Movers

Value Move %
SEGRO
795.6 +52.4 +7.05
easyJet
477.8 -18.1 -3.65

0345 163 2211
info@gpfinancial.co.uk,
1192 Stratford Road,
Hall Green, Birmingham
B28 8AB.

info@gpfinancial.co.uk