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Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.
With a fixed rate mortgage the monthly repayment amount is fixed for a specified period irrespective of changes to the Bank of England's base rate or the lenders standard variable rate.
Fixed rate mortgage schemes generally last two to five years, although longer terms are available. At the end of the fixed rate the interest rate reverts to the lenders standard variable rate. A fee called an early redemption penalty would apply if you chose to cancel your fixed rate mortgage within the fixed rate period.
