Fixed Rate Remortgage
There are several different combinations of interest rates available when discussing with a broker the possibility of remortgaging.
A fixed rate remortgage is a remortgage with an interest rate that stays constant over a set amount of time. For example, a lot of remortgage lenders offer a fixed rate of 5 per cent over a period of 15 years. If you are a conservative type person who likes knowing what the payment will be each month for the life of the loan, this type of interest rate is probably for you. If you want to take a little more risk with a payment each moth that could fluctuate up or down, then a standard variable rate might be more your style. There are pros and cons for each type of interest rate chosen with your remortgage loan. See a remortgage specialist as soon as possible with questions about fixed interest rates or other types of interest rates.