The fixed rate mortgage has grown in popularity in the UK and it is not hard to see why. With six rises in the Bank of England base rate over the last three years. The Council of Mortgage Lenders reports a record number of first time buyers (87%) opted for a fixed rate mortgage.
The fixed rate mortgage allows you to budget for the future as you know exactly what you will be paying and are very good when rates are rising. It is true if rates fall you will be paying more but you still know this will only be for the period of the fixed rate mortgage deal.
People should also not be worried about coming to the end of their fixed rate deal. There are still some excellent deals around. It is true it may cost you more with the recent rises in interest rates, but the margins between the base rate and the best fixed rate mortgages have rarely been better, with many lenders offering interest rates at significantly below the bank of England base rate.
The mortgage market in the UK is very competitive and there are some great fixed rate deals around, you just need to shop around or use an Independent mortgage advisor or company.
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