Fixed Rate Mortgage

A fixed rate mortgage is a mortgage with an interest rate that is set (fixed) for a predefined period of time. The benefit of this feature is that you will know exactly what you will have to pay on your mortgage for the whole period that the fixed rate applies. Enjoy the security of knowing how much of your mortgage will be paid off at the end of your term.
 

If you are on a fixed income, if you plan to stay in the property for some time, or if you simply prefer fixed repayments for easier budgeting, a fixed rate mortgage can prove ideal.

Community First offers both open and closed fixed rate mortgages.
 

Open Mortgage

With an open mortgage, you can repay your mortgage in full or in part at any time without penalty.
 

Closed Mortgage

With a closed mortgage, the mortgage cannot be repaid before maturity without penalty. However, members can make annual prepayments of up to 20% of their original mortgage balance and / or double up on payments on any regular payment date.