Fixed rate mortages are amongst the most popular mortgages on the market due to the financial security they offer, and particularly suit those on a tight budget.

As a fixed rate mortgage has an interest rate that is fixed for a set length of time - generally a number of years. This means that your mortgage payments will be the same each month over that time period, until the deal expires.

For this reason fixed rate mortgages are very popular with first time home buyers. As the rate and the repayments are fixed you know you won't be subject to any nasty surprises, which can help you sleep better at night. If you think interest rates are due to rise it is wise to get a fixed rate to insulate yourself from the effects, but do remember that if interest rates fall you will not see any benefit.