Fixed rate mortgage is a type of mortgage, in which the rate of interest does not change during the entire loan period. It is also known as conventional mortgage. There are two main types of fixed rate mortgages. They are as following:
- 30 year fixed rate mortgage
- 15 year fixed rate mortgage
Features of fixed rate mortgage are as following:
- Here the rate of interest remains the same throughout the life of the loan.
- The mortgage payments will not change as the interest rate fluctuates.
- It allows a borrower to make monthly mortgage payments.
- It offers the comfort of guaranteed finance cost.
- This allows a borrower to plan his income/ expenses with greater confidence.
- Here the mortgage interest rate is independent of the Bank of Englands rate of interest.
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