Understand Mortgage Rate Types with Help from Mortgage Advisors
For first-time buyers or those remortgaging, it is essential to examine both the pros and cons of a mortgage with no fees in detail. By understanding how lender rates work, it becomes possible to ensure you have an optimal mortgage product. Lenders typically take a holistic approach when determining interest rates. Mortgage advice in Oxfordshire from an expert helps to assess factors such as current base rates, economic trends, financial profile and personal affordability. However, it is better to be aware of the diverse mortgage rates available in the market to make an informed decision. Different Types of Mortgage Interest Rates Fixed Rates From the name, it is clear that the proposed interest rate remains fixed throughout the term of the product. Here, the product term may not align with the mortgage term. For example, a product term typically lasts around 5 years, whereas a mortgage term can last approximately 25 years. The product term typically refers to the period for whi...