how do fixed interest rates work 
fixed interest rates remain constant throughout the lifetime of the loan this means that when you borrow from your lender the interest rate doesn t rise or fall but remains the same until your debt is paid off you do run the risk of losing out when interest rates start to drop but you won t be affected if rates start to rise having a fixed interest rate on your loan means you ll know exactly how much you ll pay each month so there are no surprises as such you can plan and budget for your other expenses accordingly 