Guaranteed rate, if interest rates rise your repayments won’t.
Disadvantages
Reduced flexibility.
Extra repayments may incur a fee or be limited.
Under a fixed rate mortgage loan, the interest rate is fixed for a specified period, usually between one and five years.
This mortgage loan gives you the certainty of knowing exactly what your monthly repayments will be and peace of mind knowing the repayments won’t rise. However you won’t benefit if rates go down during the fixed term.
