Fixed rate mortgage

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Author
Atousa Cunnell
Updated by
James Andrews
Last updated
August 13th, 2026
Reading Time -
4 mins
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What is a fixed rate mortgage?

A fixed rate mortgage is a home loan where the interest rate, and therefore your monthly repayments, remain the same for a set period which is usually 2, 3, 5 or 10 years.

For example, on a £200,000 mortgage over 25 years, a typical fixed rate would give you a monthly payment that doesn't move for the length of your deal, even if the Bank of England changes its base rate. As of 10 August 2026, the average 2-year fixed rate at 75% LTV is around 5.26%, according to 27Tec data, though rates vary noticeably between lenders and trackers, so treat this as a general guide rather than a quote.

At the end of the fixed period, your mortgage usually reverts to your lender’s Standard Variable Rate (SVR), unless you remortgage or switch to another fixed-rate deal.

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Why homeowners often choose a fixed rate mortgage

Benefits for getting a fixed-rate mortgage

Budget predictability

With a fixed rate, you know exactly what your mortgage payment will be each month for the duration of the deal, which makes household budgeting much easier.

Protection from rate rises

If interest rates rise generally, your payments won’t, so you’re shielded from unexpected increases.

Financial stability and peace of mind

Fixed rates are particularly appealing during economic uncertainty or when you want long-term certainty, whether you’re a first-time buyer, remortgaging or looking for stability.

Potential drawbacks of a fixed rate mortgage

What you should watch out for when getting a fixed-rate mortgage

You may miss out if rates fall

Unlike variable-rate deals, you won’t benefit from any drop in rates during your fixed-term, your payment remains the same.

Less flexibility, early repayment charges

If you want to overpay, remortgage, or move home before the fixed term ends, many fixed deals impose early repayment charges (ERCs). This can make switching costly.

Rates may start higher

Fixed-rate mortgages often begin with higher interest rates than some variable-rate deals, so upfront costs might be more, even though you gain certainty.

Choosing the right fixed-term: short vs long fix

Choosing between short and long fixed rate mortgages depends on your personal situation: how long you plan to stay in the property, your tolerance for risk, and expectations about future interest rates.

Short-term fixes (e.g. 2–3 years)

  • Often come with lower fees and slightly lower rates, good for buyers who expect to move home or remortgage soon.

  • Offer flexibility, allowing you to reassess the market sooner, useful if you think interest rates may fall.

  • Less risk of paying high early repayment charges if circumstances change.

Longer-term fixes (e.g. 5–10 years)

  • Provide long-term payment stability, ideal if you plan to stay put for several years and want protection from future rate rises.

  • Reduce the frequency of switching deals, saving time and avoiding repeated arrangement/exit costs.

  • Give peace of mind over a longer horizon, especially valuable in uncertain economic environments.

Is a 2-year or 5-year fix better right now?

It depends on your plans as much as the rate itself. Check the current gap between 2-year and 5-year rates before deciding, since at times they've been very close, or even reversed, with 5-year fixes briefly cheaper than 2-year ones.

If you might move or remortgage soon, a 2-year fix keeps your options open. If you want longer certainty and don't want to remortgage again soon, a 5-year fix may suit you better, especially if the rate gap is small.


How to get the best fixed rate mortgage deal

When you shop for a fixed rate mortgage, consider the following to improve your chances of getting favourable terms:

  • Deposit / loan-to-value (LTV): A larger deposit (lower LTV) typically means better mortgage rates, as lenders see you as lower risk.

  • Compare fees, not just headline rates: Some fixed rate mortgage deals may offer attractive rates but come with high arrangement or exit fees, always look at total cost over the term.

  • Match the fix to your plans: If you think you’ll move or remortgage soon, a shorter fix may make sense. If you want long-term certainty, a longer fix could be worth it.

  • Consider future rate expectations: Think about where interest rates might go. If rates are likely to rise, locking in a fix now could save money; if they’re expected to fall, a shorter fix offers agility.

    A mortgage broker can help you decide what’s best for your situation.

  • Seek expert advice: A mortgage adviser can help you navigate market offers, fees and long-term costs, and recommend whether a fixed rate mortgage suits your financial situation.

Speak to a mortgage broker
“Locking in a fixed rate protects you if rates rise, but you won't benefit if they fall. Before you choose a term, compare the actual gap between 2-year and 5-year rates rather than assuming the shorter deal is automatically cheaper - and always weigh up the fees alongside the rate.”
Author image
Atousa Cunnell
Content Manager - Mortgages

Fixed rate mortgage FAQs

Will I be penalised if I overpay or remortgage early?

Many fixed-rate mortgage deals include early repayment charges (ERCs). If you want to overpay more than the lender allows annually, or remortgage or move home before the term ends, you may face a fee.

Are fixed-rate mortgages portable?

Yes, many fixed-rate mortgages are portable should you want to move home before the end of your mortgage term. However, this will depend on the lender.

Also, porting a mortgage isn't always the best or cheapest option. If you need to move home before the end of the mortgage term, you may want to speak to a mortgage adviser to discuss the different options available to you.

What happens when my fixed term ends?

When the fixed term ends, your mortgage typically reverts to your lender’s Standard Variable Rate (SVR) — which can be more expensive and variable. Most homeowners choose to remortgage or switch to another fixed or variable deal before that happens.

About the author

Author imageAtousa Cunnell
Atousa Cunnell
Atousa is a Content Manager for money.co.uk, responsible for writing and editing a wide range of mortgage content that are helpful to the reader.

money.co.uk is not a mortgage intermediary and makes introductions to Mojo Mortgages to provide mortgage solutions.

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Mojo is a trading style of Life's Great Limited which is registered in England and Wales (06246376). We are authorised and regulated by the Financial Conduct Authority and are on the Financial Services Register (478215). Mojo’s registered office is The Cooperage, 5 Copper Row, London, SE1 2LH. To contact Mojo by phone, please call 0333 123 0012.