The biggest advantage of a fixed rate is that you know exactly what your repayments will be for a pre-agreed length of time, as they will not change no matter what happens to wider interest rates.
This is a fixed cost each month. Knowing this cost will help you to determine if the mortgage is affordable for you, and to budget for the repayments.
A variable rate mortgage moves up and down in line with wider interest rates, so your rate of interest and therefore your monthly repayments can change.
Know how much we’ll be able to lend you in principle without commitment. Just provide a few details about yourself. This will not affect your credit score.
It's worth noting what to expect in the event payments are late or missed so that you can decide if it's something you're willing to accept.
You might be in the position to repay your mortgage earlier than your agreed term. It’s good to be aware of your options as you might be able to do it without fees.