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A 6-month fixed closed mortgage can be a good option for someone needing a short-term funding solution. Typically those who get an ultra short-term mortgage of six months plan to renew into a longer fixed or variable term afterwards.
With a fixed rate, your payments will stay the same for the duration of the term. If there's any chance the borrower may want to break the mortgage and switch to another term earlier, a 6-month open mortgage may be more appropriate, as it entails no penalties for paying out your mortgage before maturity. The drawback is that 6-month open mortgage rates are higher compared to those for 6-month closed mortgages.
Find out more about 6-month fixed-rate open mortgages.
Still can’t choose between the pros and cons? Use our mortgage payment calculator guide to find out what your mortgage payments could look like.
