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Glossary
 
Fixed Rate
  • A "fixed rate" is an interest rate that is fixed for a specified period of time.
    Having a loan based on a fixed rate of interest means that you know what your monthly repayments will be during the fixed interest period - they won't change even if interest rates generally go up or down. After the end of the fixed interest period, the lender's then standard variable rate of interest will usually apply to the loan for rest of the term and the monthly repayments can be higher or lower than before the end of the fixed interest period.
The APR can be used to compare the cost of fixed rate loans and mortgages with other types of loans.
 
Think Carefully Before Securing Other Debts Against Your Home. Your Home May Be Repossessed if You Do Not Keep Up Repayments On A Mortgage Or Other Debt Secured On It.
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