Fixed rate loans allow you to easily calculate your monthly budget for your loan.
The benefit of a fixed rate loan is that you know how much the interest on that
loan will cost you over a fixed period. Many loans offer a five year fixed rate
period at the start of the loan term.
Why look for a loan here?
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A fixed rate loan will help to take the worry out of whether the Bank of
England will put up interest rates again!
For example, if you take out a fixed rate loan at 5%,
in 3 year's time this rate could be 8% or more. A fixed rate loan
takes away this uncertainty because if you take a fixed rate loan
out now at 5%, in 3 year's time it will still be 5%.
On the negative side, if the Bank of England puts interest rates down, you will
end paying more than if you were on a variable rate.
There is no right or wrong choice when it comes to choosing a fixed rate loan
or a variable rate loan. It all depends on which type of loan
you feel more comfortable with.