Being a homeowner has its pros and cons. On the upside, you have a home you can call your own as well as being on the potentially lucrative property ladder. On the downside, if anything goes wrong, then you are likely to have to pay for it yourself.
Just as many investors are happy to play the odds, there are those who prefer to be cautious and know exactly what returns they are likely to get. Similarly there are those who have a mortgage who are willing to accept some possible fluctuation in their monthly payments while there are those who want to know exactly what they are going to be paying every month.
For those who prefer to know where they stand, a fixed-rate mortgage is generally the right option because the interest rate is unchanging for a pre-determined time. At Direct Line, we understand some people’s need for caution, which is why we offer three different fixed-rate mortgages, with fixed terms of two, three or five years.
All three mortgages offer the opportunity for overpayments. Where they differ, understandably, is in the interest rate charged depending on the term.
Our mortgage calculator also lets you compare fixed-rate mortgages. By entering some basic information such as the amount you want to borrow, for how long and the type of repayment, you can see what the monthly repayments will be for all three mortgages, during and after the fixed term.
Whether you are a first-time buyer or thinking of switching from your current lender, if you find that one of our fixed-rate mortgages suits you, why not find out more online?
What’s more, if you do take out a Direct Line mortgage, we’ll give you an instant discount off our best home insurance price.
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