One decision which needs to be made is whether to choose a variable or fixed rate mortgage. There are several factors to consider in making your choice.
We can discuss this decision with you in detail to ensure you get the best rate & term for your personal circumstances & to ensure you are comfortable with your choice.
Most lenders offer products, which allow you split your mortgage into fixed and variable elements. It is important to bear in mind that breaking a fixed rate contract may involve penalties. Your mortgage consultant will discuss the various options open to you and provide you with explanations of the different options in an easy to understand manner. Factors to consider may be however:
Are interest rates likely to rise? How low are interest rates compared to recent historical levels? Do you like certainty of payment amounts? Would you like to split your mortgage between part Fixed and part Variable? What will happen to my rate at the end of the period if I fixed?