It is a mortgage with an interest rate that stays the same for a period of:

  • One year

  • Two years

  • Three years

  • Five years

  • Ten years

The interest rate staying the same means the monthly repayments on your mortgage will not go up during the fixed term.

Interest rates on other mortgage types can increase whenever lenders put up their standard variable rate (SVR), which they can do at any time.

However, changes to their SVR or to the Bank of England base rate will not affect a fixed mortgage.

Other types of interest rate

  • Variable mortgages have interest rates that can change at any time

  • Tracker mortgages come with interest rates that only go up and down when the Bank of England base rate or another financial indicator changes

  • Discount mortgages offer a variable rate that stays an agreed percentage below the SVR during their initial period

  • Capped mortgages can be any of the above types, but they come with a ceiling interest rate, which is the maximum it can reach

Is a fixed rate mortgage best?

The main advantage of fixed rate mortgage deals is the certainty they offer that your monthly costs will not increase.

  • If interest rates go up after you take out the mortgage, a fixed rate can protect your repayments and save you money. Other mortgages would get more expensive as rates rise.

  • If rates fall or stay the same, fixed mortgages can be more expensive because on average they have higher interest rates than variable, tracker and discount mortgages.

If you decide to get a fixed rate, our comparison includes every fixed rate mortgage you can get. Use it to compare home loans with the cheapest interest rates that come with the term and LTV you need.

Fixed rate mortgage FAQs


What happens when my fixed rate ends?


You are automatically moved to your lender's standard variable rate (SVR), meaning your repayments could go up if it is higher than your existing rate.


Can I pay off my mortgage before the term ends?


Yes, but many lenders charge you for this. Fixed mortgages usually charge you if you repay or switch them before the fixed rate ends.


What is the longest fixed rate available?


Ten years is currently the longest you can get, although lenders have offered 15 or even 25 year terms in the past.


Will applying for a mortgage affect my credit rating?


Yes, every application you make appears on your credit record, so avoid applying for too many. Here is how your credit history works.


Is the lowest rate always best?


Although a lower interest rate means lower monthly repayments, the length of the fixed term and any fees can also affect how much it costs.