Fixed Rate Mortgage

Glossary

Banking

Fixed Rate Mortgage

A fixed-rate mortgage is a secured property loan on which the borrower pays a fixed interest rate over the length of the loan term. The length of a fixed term can stretch from one year all the way to 30 years. At the end of a short-term fixed period, borrowers wishing to spread their repayments over a longer period can secure a string of fixed-rate mortgages as each term comes to an end to suit their repayment requirements.

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