Rates

Fixed Rate Mortgage

With a fixed rate mortgage you know exactly what the interest rate will be, for a fixed period, at the start of the mortgage term.

At the end of the fixed rate period, the mortgage will revert to LIBOR* plus an interest margin, or Bank Base Rate** (BBR) plus an interest margin. The variable rate may be either higher or lower than the fixed rate that previously applied. Therefore, you will need to budget for the possibility of higher repayments at the end of the fixed rate period.

The advantage of a fixed rate mortgage is that your interest rate is fixed and will not rise if the market rate rises during the specified period. The disadvantage is that you will not benefit from any reduction of the market rate.

Rates fixed for 2 and 5 years are available.

Please ring our Commercial Department for information on 01733 374123

* LIBOR stands for London Inter Bank Offer Rate. It's the rate of interest at which banks offer to lend money to one another in the City of London.

** BBR stands for Bank of England's UK repo rate (Bank Base Rate).