A fixed rate mortgage gives you the security of knowing what your monthly mortgage payment will be over a set period of time, as your interest rate, and therefore your monthly payment will not change during this period even if the Bank of England Base Rate moves up or down in this time. Fixed rates are typically for a set number of years, for example you are likely to see two, three and five year fixed rate mortgages.
Once the fixed period of the mortgage ends it will revert to another rate, typically a lender's Standard Variable Rate (SVR) although it may be a different rate. Skipton's fixed rate mortgages currently revert to a variable rate which is the Bank of England Base Rate + 4.45%.
2 Year Fixed Rate Mortgages
3 Year Fixed Rate Mortgages
5 Year Fixed Rate Mortgages
View description of abbreviations and Important Notes