Ambergate Independent Financial Services

A fixed rate mortgage, where the interest rate charged is fixed at a certain level for a set period of time. Whilst during this period you should be protected from any increase in monthly payments, caused by an increase in variable mortgage rates, you would not benefit from any decrease in monthly payments, caused by a reduction in those rates. However, during the fixed rate period, you would know exactly how much your gross mortgage payments would be.

At the end of any fixed rate period, your mortgage will revert to a variable rate. This may be higher than the rate you have been paying. In some cases, the lender may offer you an alternative rate. Please refer to your mortgage offer for details.

Some fixed rate mortgages can be continued if you move house during the term of the offer rate. Please refer to your mortgage offer letter to see if this applies.

Your home is at risk if you fail to ensure that your mortgage loan is repaid by the end of its term. It is your responsibility to ensure that your mortgage is repaid on time.

If you have an interest only mortgage, it is also your responsibility to ensure that you have an investment plan in place to repay the mortgage debt.