First time buyer fixed rate mortgage
High all. I have saved about 40 grand and am looking to buy my first place. With a 80% LTV mortgage I can get a 5 year fixed rate for under 4%, which I perceive to be a good deal. I like the idea of fixing for as long as possible at the moment due to the low base rate.
I have a few questions which i'm hoping you guys can help me with.
1. At the end of the fixed term, I presume one shops around for a better deal, do the mortgage companies charge a fee if I decide not to use the same provider?
2. If this is the case, when I look for a mortgage is it pretty much irrelevant looking at the overall APR? The only bit that matters is the rate that is fixed right? As after this expires I can change provider if necessary?
Thanks in advance for any help, DannyReport