Fixed rate mortgage
The borrower is locked into a rate for a set period of time and at the end of
the period the borrower reverts to the lender's prevailing variable rate.
Fixed rate mortgage
This fixed rate mortgage scheme allows the borrower the budget
certainty for the period of time. There is often an
arrangement fee and there may be early repayment charges if the loan is repaid
in full or part during the fixed period.
A fixed rate mortgage (FRM) is a mortgage loan where the interest
rate on the note remains the same through the term of the loan, as opposed to
loans where the interest rate may adjust or "float." Payment mortgage, for
example, can have a fixed rate for the term of the loan followed by the ending
balloon payment. For a mortgage enquiry please contact
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