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What’s the benefit of a ‘fixed rate’ mortgage product?

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A fixed rate is an interest rate that is predetermined up front by the mortgage lender and is fixed for either 2, 3, 5 or 10 years (most commonly 2 or 5 years). The benefit of a fixed rate mortgage is that it won’t change during the period it is fixed so you know exactly how much you will be paying back to the lender every month by way of mortgage repayments.

Your home maybe repossessed if you do not keep up your mortgage repayments.

 

Fixed Rate Benefit

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