With a fixed rate mortgage, the interest rate stays the same for a set number of years, no matter what happens to general interest rates in the market. When the fixed rate period ends, the interest rate on your mortgage reverts to our standard variable rate.
Fixed rate mortgages are attractive if you think that interest rates are going to increase or remain high for a period of time and you want the security of knowing that your monthly repayments will remain at the same level during the fixed rate period. This is ideal if you are on a tight budget. If general interest rates fall, however, your interest rate and monthly repayments will not fall with them.
Overpayments are permitted only after the fixed rate period has ended.
If you repay part or all of your loan within the fixed rate period with a lump-sum payment, there will normally be an early repayment charge.
Northern Bank offers Mortgages to both new and existing customers. Ask for a Key Facts Illustration at any Northern Bank Branch.
See our Fixed Interest Rates
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Read this important information about mortgages.