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Glossary · Mortgages

Fixed-rate mortgage

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By the Money Guide editorial team · Editorial responsibility: Kaiser Khan, Editorial Director · How we check facts

Definition: A mortgage where the interest rate is locked for a set period (typically 2, 5 or 10 years) regardless of changes in Bank Rate.

After the fix ends, the loan reverts to the lender's Standard Variable Rate (SVR) unless you remortgage. Early Repayment Charges typically apply within the fix period and are usually capped at 10% per year of overpayments.

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