Fixed Rate Mortages are great!

MortgagesPicking a mortage can be confusing, if you're not careful you could find yourself locked into a long term agreement that only serves to bankrupt you. Essentially there are two types of mortages, Fixed Rate and Variable Rate.
A fixed rate mortage is fixed for a certain period of time, meaning that you know exactly how much you will be paying. A variable rate varies monthly, depending on the interest rates set by the central bank (eg. The Bank of England). Variable rates are good for short term borrowing or if you want to take a gamble that interest rates will drop.

Fixed Rate are better for long term borrowing, where you want the safety of knowing that you wont be affected by flucuations in the market.

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