When choosing a mortgage, understanding the difference between variable and fixed rates is essential. A fixed-rate mortgage locks in your interest rate for a set period, offering stability and predictable repayments. It protects you from rate hikes but doesn’t benefit from rate drops. Conversely, a variable-rate mortgage fluctuates with the market. While this means your repayments can increase, you also have the opportunity to save when rates fall. Variable loans often offer more flexibility, such as extra repayments and redraw facilities. Consider your risk tolerance and financial goals when deciding between fixed and variable rates. Contact us today to explore which mortgage option suits your needs best.