What is the advantage of a fixed rate mortgage over a variable rate mortgage?

The single biggest advantage about Fixed Rate mortgages compared to variable rate mortgages is that your interest rate, and therefore your monthly repayments, stay the exact same throughout the agreed initial term of the mortgage, providing you with stability and the ability to budget for your monthly expenses. However, with a Fixed Rate mortgage, although you receive the protection knowing that your monthly payments will not rise, you will not also benefit from any rate decreases like you would with a variable rate mortgage.

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