The different types of mortgage interest rates are listed above. Most borrowers prefer to fix the interest rate for a period of time, so they know what their outgoings will be. The period of time chosen will depend on how you see your personal circumstances. For example, if you know that your circumstances may change or that you wish to pay off some or all of your mortgage or move house, it is important not to be tied in for too long a period. The usual options are 2 years, 3 years, 5 years, 7 years and 10 years but these vary from lender to lender.
If your circumstances were to change during the specific tied-in period, it may result in you having to pay early repayment charges.
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