The bearded brokerfrom the Stisi Group We have another two minute teaser video today for you, around fixed rates. So if you're interested to knowwhat a fixed rate mortgage is, then this video could be for you, So please considersubscribing to the channel if you find this useful, So two minutes, here we go, clock please, So what is a fixed rate mortgage, it kinda does what it says on the tin it is fixed for a period of time, So when you take a mortgage, let's use an example youborrow 100,000 pounds to purchase a house, and within that you take30 year term mortgage or a 25 year term mortgage, So that means you'll take that debt and you'll pay over thenext 25 years or 30 years whatever the example is,
but within that, the firsttwo years for example, maybe fixed, so the interestrate is not variable, it will not change and it will always be fixedfor that period of time. So if you choose a 2 year fixed rate, then it will be fixed for twoyears, and at the end of that, it will then switch on towhat's called a variable rate, the idea is, as you want to switch iton to another fixed rate before that fixed rate endsor as that fixed rate ends. Now, you may decide to takea longer fixed term rate, so that's where a mortgagebroker or mortgage adviser will be able to help and adviseyou what would be suitable. So it may be that you aregonna to buy this house, you gonna live in it for a long time, you never want to change it,so you can take a longer term, two years, three years, fiveyears, ten year fixed rate even,
but what is going to be suitable for you is not necessarily going tobe suitable for someone else, so that's where theindividual advice comes from. So hopefully we beat theclock in two minutes. If you like what you've seen here, please consider subscribing to the channel, it really helps us and ithelps us spread the world of these little videos thatwe do try and help you. We've got more videos coming and got plenty of videos on the channel, as I said, consider subscribe and consider passing us to your friends, your family and your colleagues. So it's Ross Stisi from the Stisi Group, Trusted Mortgage Experts. Will look forward to talkingsoon. Thank you very much.
