We discuss the differences between fixed and variable interest rate mortgages and their pros and cons. One of the biggest decisions you face when choosing a mortgage is whether you should go for a fixed or variable rate. On the one hand, it’s hard to argue with the certainty and stability of a fixed rate.
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The difference between choosing a fixed or variable rate is about allocating the interest rate risk between the two parties. If you accept a variable rate, you’ve agreed to take on the risk of interest rate fluctuation in the future. If interest rates go down, you’ll reap the benefit of taking on this risk.
Although it would be ideal to provide a ‘one size fits all’ answer to the ‘fixed versus variable’ question, the reality is that the choice of which GridCredits plan you should choose should be determined by your situation, own financial goals and priorities. You need to take into account how your family uses energy and how much energy.
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Fixed rate mortgages fix’ your monthly repayments at an agreed level for the period of the mortgage deal. Typically, you’ll normally pay a higher rate of interest than the lender’s Standard Variable.
The consideration between choosing a loan with a variable or fixed interest rate becomes even more important the longer the duration of the loan is. When you should choose a loan with a variable interest rate. If you have a variable interest loan, you will pay less interest at the point in time you take the loan.
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Looking at these factors first can help you decide whether to choose a fixed or variable rate option. You should also remember that interest rate is only one part of the total cost of a loan. Other factors like term length, lender fees and servicing costs will also contribute to the overall expense.
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Variable vs Fixed Rate Student Loans: Which Should You Choose? Understanding the basic concept of variable vs. fixed rate student loans if fairly simple. A variable interest rate will change periodically over the term of the loan whereas a fixed rate will not.
It can also restrict you in how much extra you can pay into that loan and you could be up for substantial penalties if you decide to sell that property within the fixed term. With a variable rate.