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Glossary

Fixed rate

The rate of interest paid on a loan may be either a fixed rate or a floating rate. For a fixed rate loan, the interest rate is set at the date you take out your loan and remains the same throughout the term of your loan, irrespective of whether bank interest rates rise or fall.

Glossary: interest
Glossary: fixed rate
Glossary: floating rate
Glossary: interest rates

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Here you'll find explanations of the many financial terms used throughout the Sorted website.

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