For borrowers that plan to stay in their homes for a long time, Bank of England Mortgage offers several fixed rate mortgage options—including 10, 15, 20, and 30 year programs.
A fixed rate mortgage from Bank of England Mortgage is ideal for you if you are looking to build equity, through the purchase of a stable, traditional mortgage. Our loan team can develop a comprehensive spreadsheet that illustrates the difference in payments among the fixed-rate mortgage options. They will be discussed with the consumer to help determine the choice that best meets their needs.
This option offers the benefit of the most stability. Many consumers select this option because it offers a consistent payment, that will never change. However, the interest rate is higher than shorter fixed-rate options. However, because payments are amortized over a longer time period, monthly payments are lower.
Borrowers that elect to purchase fixed-rate mortgages of a shorter duration, such as a 20, 15, or 10-year fixed-rate mortgage programs, pay higher monthly payments, but the interest rate is lower on these mortgages than on 30-year mortgages.
Rest assured, a Bank of England Mortgage loan specialist will walk you through the options and help you select the mortgage that fits your needs.