Fixed Rate Mortgages - Regardless of the (SVR) standard variable rate or changes in the base rate, this kind of buy to let mortgage offers a fixed interest rate for a set period. The monthly mortgage repayments will remain the same, ie Fixed.  Hence the name fixed rate mortgages, giving the property investor the knowledge of what their monthly outgoings for their property will be for a set term. 

 

Normally during a fixed rate mortgage, the mortgage lender will impose 'redemption penalties' so that if the borrower decided to redeem the mortgage within the fixed period term, the borrower would be expected to pay a fee back to the lender.  Although some fixed rate mortgages are portable whereby the mortgage lender will allow the borrow to take the fixed rate mortgage to an alternative property.

 

To Find out more about fixed rate mortgages, call one of our experienced mortgage brokers today.