Fixed Rate Mortgages

Fixed rate mortgages allow for a fixed interest rate on the mortgage loan over a specified time period. The longer the term for the fixed rate the higher the interest rates normally are, in addition for longer fixed rate periods early repayment charges are generally a lot higher which makes a fixed rate long term mortgage less popular. Fixed rate mortgages with shorter time periods would normally be in the range of 2, 3, 4, 5, and 10 years, after which the mortgage will normally revert to a variable rate mortgage.