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Fixed Rate Mortgage with ERC
A Fixed Rate with an early repayment charge ( ERC ) could be right for you.
With a fixed rate mortgage the monthly repayment amount is fixed for a specified period irrespective of changes to the Bank of England's base rate or the lenders standard variable rate.
Advantages and Disadvantages of a fixed rate mortgage with erc
Advantages
- Peace of mind that your mortgage payment will be safe guarded against increases in the lenders standard variable rate during the fixed rate period.
Disadvantages
- You will normally have to pay an application fee when arranging your fixed rate mortgage.
- Early redemption penalties can be onerous and expensive.
- If the fixed rate has an extended erc period it could mean you paying a higher rate once the fixed rate has ended.
Fixed rate mortgages for further information
Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.
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We normally do not charge a fee for mortgage advice, however this is dependent on your circumstances. Our typical fee would be £399