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11 July 2012

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, Danny

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