The fallibility of the mortgage market has put a number of buyers off joining the search for the perfect mortgage. Some have chosen to remain with their current provider, despite knowing that they may not be getting the best rate. Fear of the way the mortgage rate can shoot through the roof, leaving you out of pocket and possibly out of a home if you find you cannot keep up with the ever rising rates. On the other side of the fence you have the individuals who would rather know exactly what they will be paying out each month and so seek out the best fixed rate mortgage.

What a lot of people don't appreciate is that even if you apply for and get accepted for a fixed rate mortgage, after a set period you may still be bounced onto one of the lenders traditional variable rates. If that is not what you want you have to not only take the time to read the specifics relating to the agreement as well as ensuring you compare products that are like for like. Instead of looking at the mortgages that have a name that implies it’s fixed you need to make sure it starts off fixed and remains fixed for the entirety of the term. If you are flexible with your approach, then you can insist on a mortgage that remains fixed for a period of time that suits you; once that period has passed you can either review your position at that time or you can allow your account to blend in to a mortgage that utilises the lenders flexible rate. Doing this, you appreciate that the new flexible rate has the potential to fall below the fixed rate you originally signed up for, this would no doubt save you a pretty packet. Similarly you accept that the rate can increase beyond the advertised rate, potentially soaring out of your reach.

For those of you that would rather have a rate that remains fixed, it would serve you well to consider the Woolwich Base +0.99%. Not only does it come without the added expense of an arrangement fee but it also has a number of other wonderfully gleaming features. First off not only does the name of the mortgage indicate that it is a fixed mortgage but it actually is, for the entire term the rate will remain at 5.99%.

Another gleaming feature is the small rate you will have to pay if you find yourself in a position to pay your mortgage off early. As it stands if you choose to pay your mortgage off early you will have to pay 1% for 3 year on the amount outstanding.

It is important to note however that this rate is only on offer for those that have 40% to put towards their mortgage and are looking to take out the mortgage over a period of around 20 years. While there may be some flexibility you should keep in mind that any alterations to their example rates offered may incur charges elsewhere, similarly if you are looking to borrow more than the amount the advertised rate is based on then once again you can find other hidden charges or rate increases.

When it comes to making a purchase as large as a house, it is vital you source your funds from a lender that will point out any variations, if it all seems to be going too smoothly or is all sounding too good to be true, it probably is.