Mortgage Broker Christchurch

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a) Is your name correct?

b) Is your address correct?

c) Are there any expired mobile phone contracts still showing?

Make sure you write to any company if the details they have about you are incorrect because if you do not, they will be unable to check your ID properly.

This type of mortgage loan involves repayments being fixed at a certain agreed interest rate for a set term with no adjustments. The advantage is that a mortgagor knows exactly what has to be repaid each month for a set period and will be unaffected by for example sudden changes in the Bank of England base rate (which may or may not be to the advantage of the mortgagor).

Typically, the fixed period is 2 years, 3 years, 5 years or 10 years. When the fixed term has expired, these mortgages normally change to variable rate mortgages, where the repayments can float (go up or down) because the rate moves when an underlying index – most normally the Bank of England base rate – moves. When the fixed term ends, the mortgagor can choose to renew a fixed rate contract.