Fixed Rate Mortgage no ERC
A Fixed Rate without an early repayment charge ( ERC ) could be right for you.
With a fixed rate mortgage the monthly repayment amount is fixed for a specified period irrespective of changes to the Bank of England's base rate or the lenders standard variable rate.
Advantages and Disadvantages of a fixed rate mortgage without an erc
Advantages
- Peace of mind that your mortgage payment will be safe guarded against increases in the lenders standard variable rate during the fixed rate period.
- Early redemption penalties will not be charged offering flexibility
Disadvantages
- You will normally have to pay an application fee when arranging your fixed rate mortgage.
- The interest rate payable will usually be higher than the equivalent fixed rate mortgage with a early repayment charge.
Fixed rate mortgages for further information
REPAYMENTS ON YOUR MORTGAGE
Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.
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We normally do not charge a fee for mortgage advice, however a fee paying option is available. Our typical fee would be £500