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9 Dec 2019

Mortgage Advice

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Fixed Rate with ERC

Fixed Rate Mortgage with ERC

A Fixed Rate with 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 with 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.

 

Disadvantages

  • You will normally have to pay an application fee when arranging your fixed rate mortgage.
  • Early redemption penalties can be onerous and expensive.
  • If the fixed rate has an extended erc period it could mean you paying a higher rate once the fixed rate has ended.

 

Fixed rate mortgages for further information

I am remortgaging  I am moving home

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP 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.

Go Direct.co.uk is a trading style for website purposes of Go Direct UK Ltd.

Go Financial Services is a trading style of Go Direct UK Ltd which is an appointed representative of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales Company 5703224. FCA Number 456600

We normally do not charge a fee for mortgage advice, however this is dependent on your circumstances. Our typical fee would be £500