Compare 2 year fixed rate mortgages

Compare all mortgages that offer a fixed rate of interest for 2 years, so you could enjoy monthly repayments that will not increase for 24 months.

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904 results found, sorted by affiliated products by lowest initial rate. How we order our comparisons. Commission earned affects the table's sort order.
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Lloyds Bank 2 year fixed remortgage
Maximum LTV
60%
Initial rate
0.91% fixed until 30 Nov 2023
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
3.5% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£1,499 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, before 30 Nov 2022

- then 1.00% of amount paid, until 30 Nov 2023

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Scotland
Available in Wales
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Lloyds Bank 2 year fixed remortgage
Maximum LTV
60%
Initial rate
0.99% fixed until 30 Nov 2023
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
3.4% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£999 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, before 30 Nov 2022

- then 1.00% of amount paid, until 30 Nov 2023

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Scotland
Available in Wales
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Halifax 2 year fixed
Maximum LTV
60%
Initial rate
1.04% fixed until 30 Nov 2023
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
3.5% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£1,495 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, before 30 Nov 2022

- then 1.00% of amount paid, until 30 Nov 2023

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Halifax 2 year fixed cashback mortgage for first time buyers
Maximum LTV
60%
Initial rate
1.04% fixed until 30 Nov 2023
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
3.5% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£1,495 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, before 30 Nov 2022

- then 1.00% of amount paid, until 30 Nov 2023

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
First Time Buyers Only
First Time Buyers
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Halifax 2 year fixed for first time buyers
Maximum LTV
60%
Initial rate
1.04% fixed until 30 Nov 2023
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
3.5% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£1,495 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, before 30 Nov 2022

- then 1.00% of amount paid, until 30 Nov 2023

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
First Time Buyers Only
First Time Buyers
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Halifax 2 year fixed cashback mortgage for first time buyers
Maximum LTV
60%
Initial rate
1.08% fixed until 30 Nov 2023
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
3.5% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£995 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, before 30 Nov 2022

- then 1.00% of amount paid, until 30 Nov 2023

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
First Time Buyers Only
First Time Buyers
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Halifax 2 year fixed for first time buyers
Maximum LTV
60%
Initial rate
1.08% fixed until 30 Nov 2023
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
3.5% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£995 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, before 30 Nov 2022

- then 1.00% of amount paid, until 30 Nov 2023

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
First Time Buyers Only
First Time Buyers
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
First Direct 2 year fixed
0808 296 6568
Maximum LTV
60%
Initial rate
1.14% fixed for 2 years
Subsequent rate (SVR)
3.54% variable
Overall cost for comparison
3.1% APRC
Available via telephone only.
More information
Application feeNo fee
Arrangement feeNo fee
Booking fee£490 paid upfront (non-refundable)
Completion feeNo fee
Product feeNo fee
Additional information

Early repayment charge

If you pay all of your mortgage early you will be charged:

- 3.00% of the original loan, in the first year

- 2.00% of the original loan, in the second year

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
First Time Buyers
Max age at term end75 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Self Employed Accepted
Lloyds Bank 2 year fixed remortgage
Maximum LTV
75%
Initial rate
1.15% fixed until 30 Nov 2023
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
3.4% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£999 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, before 30 Nov 2022

- then 1.00% of amount paid, until 30 Nov 2023

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Scotland
Available in Wales
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Halifax 2 year fixed
Maximum LTV
60%
Initial rate
1.17% fixed until 30 Nov 2023
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
3.4% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£1,495 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, before 30 Nov 2022

- then 1.00% of amount paid, until 30 Nov 2023

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
First Time Buyers
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Halifax 2 year fixed cashback mortgage
Maximum LTV
60%
Initial rate
1.17% fixed until 30 Nov 2023
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
3.4% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£1,495 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, before 30 Nov 2022

- then 1.00% of amount paid, until 30 Nov 2023

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
First Time Buyers
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Halifax 2 year fixed cashback mortgage for first time buyers
Maximum LTV
75%
Initial rate
1.19% fixed until 30 Nov 2023
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
3.5% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£1,495 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, before 30 Nov 2022

- then 1.00% of amount paid, until 30 Nov 2023

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
First Time Buyers Only
First Time Buyers
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Halifax 2 year fixed cashback mortgage for first time buyers
Maximum LTV
75%
Initial rate
1.23% fixed until 30 Nov 2023
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
3.5% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£995 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, before 30 Nov 2022

- then 1.00% of amount paid, until 30 Nov 2023

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
First Time Buyers Only
First Time Buyers
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Halifax 2 year fixed for first time buyers
Maximum LTV
75%
Initial rate
1.23% fixed until 30 Nov 2023
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
3.5% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£995 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, before 30 Nov 2022

- then 1.00% of amount paid, until 30 Nov 2023

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
First Time Buyers Only
First Time Buyers
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Halifax 2 year fixed cashback remortgage
Maximum LTV
60%
Initial rate
1.26% fixed until 30 Nov 2023
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
3.5% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£1,495 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, before 30 Nov 2022

- then 1.00% of amount paid, until 30 Nov 2023

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Halifax 2 year fixed cashback remortgage
Maximum LTV
60%
Initial rate
1.27% fixed until 30 Nov 2023
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
3.4% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£995 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, before 30 Nov 2022

- then 1.00% of amount paid, until 30 Nov 2023

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Halifax 2 year fixed cashback mortgage for first time buyers
Maximum LTV
60%
Initial rate
1.39% fixed until 30 Nov 2023
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
3.5% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, before 30 Nov 2022

- then 1.00% of amount paid, until 30 Nov 2023

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
First Time Buyers Only
First Time Buyers
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Halifax 2 year fixed for first time buyers
Maximum LTV
60%
Initial rate
1.39% fixed until 30 Nov 2023
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
3.5% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, before 30 Nov 2022

- then 1.00% of amount paid, until 30 Nov 2023

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
First Time Buyers Only
First Time Buyers
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Halifax 2 year fixed cashback remortgage
Maximum LTV
75%
Initial rate
1.44% fixed until 30 Nov 2023
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
3.5% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£1,495 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, before 30 Nov 2022

- then 1.00% of amount paid, until 30 Nov 2023

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Halifax 2 year fixed cashback remortgage
Maximum LTV
60%
Initial rate
1.47% fixed until 30 Nov 2023
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
3.4% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, before 30 Nov 2022

- then 1.00% of amount paid, until 30 Nov 2023

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Clydesdale Bank 2 year fixed
Maximum LTV
75%
Initial rate
1.49% fixed until 31 Oct 2023
Subsequent rate (SVR)
4.55% variable
Overall cost for comparison
4.1% APRC
More information
Application feeNo fee
Arrangement fee£1,499 with an option to add to the loan
Booking feeNo fee
Completion feeNo fee
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 3.00% of amount paid, before 31 Oct 2022

- then 2.00% of amount paid, until 31 Oct 2023

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Scotland
Available in Wales
First Time Buyers
Max age at term end75 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Self Employed Accepted
Lloyds Bank 2 year fixed remortgage
Maximum LTV
60%
Initial rate
1.49% fixed until 30 Nov 2023
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
3.3% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, before 30 Nov 2022

- then 1.00% of amount paid, until 30 Nov 2023

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Scotland
Available in Wales
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Yorkshire Bank 2 year fixed
Maximum LTV
75%
Initial rate
1.49% fixed until 31 Oct 2023
Subsequent rate (SVR)
4.55% variable
Overall cost for comparison
4.1% APRC
More information
Application feeNo fee
Arrangement fee£1,499 with an option to add to the loan
Booking feeNo fee
Completion feeNo fee
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 3.00% of amount paid, before 31 Oct 2022

- then 2.00% of amount paid, until 31 Oct 2023

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Scotland
Available in Wales
First Time Buyers
Max age at term end75 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Self Employed Accepted
Halifax 2 year fixed cashback remortgage
Maximum LTV
75%
Initial rate
1.53% fixed until 30 Nov 2023
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
3.5% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£995 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, before 30 Nov 2022

- then 1.00% of amount paid, until 30 Nov 2023

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Halifax 2 year fixed cashback remortgage
Maximum LTV
60%
Initial rate
1.56% fixed until 30 Nov 2023
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
3.4% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, before 30 Nov 2022

- then 1.00% of amount paid, until 30 Nov 2023

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Overall representative example

Based on borrowing£170,000 over 25 yearsThe overall cost of comparison3.72% APRC representative
Initial rate2.30% fixed for 2 years (24 instalments of £741.17pm)Subsequent rate (SVR)3.92% variable for the remaining 23 years (276 instalments of £879.17pm)
Lender fee£584Total amount payable£261,022.71

How to get the best 2 year fixed rate mortgage

Use our 2 year fixed rate mortgage comparison to help you find the right mortgage for you. With these mortgages, your interest rate and monthly repayments will stay the same for 24 months.

What is a 2 year fixed rate mortgage?

A 2 year fixed rate mortgage is a mortgage deal which fixes your interest rates - and therefore your monthly repayments - for two years.

Whatever happens with wider interest rates, if you have a fixed interest rate, your mortgage repayments won't change during your two-year fixed term.

This means you don't have to worry about how you'd budget if interest rates - such as the Bank of England's base rate - increased.

Getting the best 2 year fixed rate mortgage

It's important to do your research to find the best mortgage available to you. Asking questions such as: what is the mortgage interest rate? Are there any fees or charges? and how much will my monthly repayments be? is a good place to start.

You can check and compare several factors, such as:

  • The loan to value (LTV): This is the percentage of your property's value that you borrow with a mortgage. For example, if the mortgage is 75% LTV, you'd need to put 25% in as a deposit. The lower the LTV, the better the rates tend to be.

  • The initial rate: This is the interest rate you pay on your mortgage deal. You can check the ones in the table to find the best 2 year fixed rate mortgages available. They all have an initial period of two years.

  • Fees and charges: You might get charged for taking out a 2 year fixed mortgage deal, although not all mortgages come with a set-up fee. While it's important to look at rates when looking for the best mortgage, no fee is a bonus. Some lenders let you add the fees to your mortgage balance, rather than paying them upfront when you take the mortgage out.

When you're looking for a 2 year fixed rate mortgage deal, remember to take all the fees and rates into account. Don't just look for the lowest initial rate or the best fees. You might think that with the best mortgage, no fees will be charged, but this kind of deal might mean the rates are much higher. The price you're offered will depend largely on current mortgage interest rates but it's important to look at the bigger picture to find the cheapest 2 year fixed mortgage available.

If you want a fixed rate for longer than 2 years, compare all fixed rate mortgages here.

What are the benefits of a 2 year fixed mortgage?

The big benefit of having a 2 year fixed rate on your mortgage is that you'll know exactly what your repayments will be for two years. This makes it feel like a 'safer' option.

Agreeing a rate for two years makes it much easier to budget than it would be if you had a mortgage that went up with rising interest rates. A two-year fixed rate mortgage also means you're protected against interest rate rises during the fixed period.

A 2 year or 5 year mortgage would both offer the benefit of protection against interest rises. But the good thing about choosing 2 year mortgage rates is that you're not 'locked in' for so long. That means that if there were better mortgage deals available on the market, you wouldn't have to wait so long before you could switch. Therefore if you prefer the flexibility of a shorter deal, one set for a 2-year period might be the best fixed rate mortgage for you.

It's worth noting that lenders are currently offering some of the lowest interest rates on record. It seems interest rates are therefore more likely to rise than fall over the coming years, so it might feel like you should be 'locking in' for a long time. A 2 year fixed rate mortgage might work for you as it guarantees a specific rate for 24 months. But, if interest rates did drop even further, you'd still have the flexibility to get a new deal without having to wait too long.

Finally, 2 year fixed mortgage rates might be good if you think your circumstances might change. Fixed rate mortgages usually come with an early repayment charge (ERC). That means that if you wanted to sell your home before the end of your fixed term, you'd pay a fee for doing so. If you're only locked in for two years, you might feel you could wait until your fixed term ends before selling, and avoid the ERC.

What are the downsides to 2 year mortgage rates?

There are a few things to think about, even if you've found the best 2 year fixed rate mortgage available.

Of course, it's nice to know how much you'll be paying each month for the next two years, and it can help with your budgeting. But it's likely that with a 2 year mortgage, you'll have a higher rate than you would with a variable mortgage. That means your repayments each month might be a bit more.

Remember also that with a variable mortgage, when interest rates drop, your variable mortgage rates will too. But, with a fixed rate mortgage they'll stay the same - as you're locked in to your deal. You might then feel like you're paying more than you should be for your mortgage.

When it's time to remortgage, you usually face fees for doing so. So, even if you've found the very best 2 year mortgage rates, you need to bear in mind that in two years you'll have to remortgage and pay the fees that come with it. If you choose a longer term, such as five years, you wouldn't have to pay remortgaging fees so soon.

Can I fix my mortgage for a different time period?

Yes, there are several options available to you when it comes to fixing your mortgage. Some of the most popular are 2 year or 5 year mortgage fixes, but you could fix for any time period of up to 10 years or even more.

Recently, longer fixes have become more popular due to the uncertain economic climate. Lenders have become more competitive as they try to attract customers, and borrowers are looking for security. It's a good time to fix while interest rates are low.

But, if you want to find interest rates at their lowest, 2 year fixed rate mortgage options might be worth a look. If you find the best 2 year fixed mortgage rates, you could get a good deal. You tend to get better rates with a two-year deal because there's less risk to the lender.

Shorter fixes, such as two years, are also good if you think you might move home fairly quickly. Not only will your fixed term end sooner, but the penalties are usually lower to pay off your mortgage before the term ends.

Lastly, if interest rates fall you can move to a cheaper deal sooner than you could if you had a longer fixed term.

If you decide to go for a two-year deal, it's important to use a comparison like our one above to find the best 2 year fixed mortgage available to you.

How much can I borrow with a 2 year fixed rate?

How much you can borrow through 2 year mortgage deals will depend on your situation, like it will with all mortgages.

You can use our mortgage calculator to work out roughly how much you might be able to borrow.

Do you need a large deposit to get a two year fixed rate mortgage?

If you decide to go for a 2 year fixed rate mortgage deal it's important to use a comparison like the one above. You'll be able to see how much deposit you need.

The cheapest 2 year fixed rate mortgage deals are usually only available to people who can put in a large deposit, such as 40% or more. That's why first-time buyers might sometimes be more likely to choose a variable mortgage, as they're unlikely to have a big deposit.

What happens after the fixed rate ends on my mortgage?

When your 2 year fixed rate mortgage deal comes to an end, you have several options as to what you could do next.

If you do nothing, you'll automatically be moved to your lender's standard variable rate (SVR) after your 2 year fixed mortgage deal ends. This is often a higher rate than you've been paying during your fixed term, so it's not ideal if that's the case. It all depends on what rate you had during your fixed term, and the current economic climate.

You could switch to another mortgage deal with your existing lender. This could be another fixed rate mortgage, or a different type of mortgage. You should speak to your lender a few months before your 2 year mortgage rates to talk about getting better rates on a new mortgage.

Or, you could remortgage by switching your mortgage to another lender.

Don't just accept what your current lender is offering. Whichever option you choose, make sure you're getting the lowest rate you can find. Watch out for any charges for applying for a new deal.

2 year fixed rate mortgages FAQs

Yes, but your lender may charge you for this. You usually get charged if you repay or switch your mortgage before the fixed rate ends.

You can currently find up to 10 year fixed rate mortgage deals, but whether you can get them will depend on if you meet the provider's lending criteria.

It depends on your circumstances. Find out the difference between each mortgage type so you can choose the best mortgage rate for you.

No, some lenders offer mortgages with no fees, but the interest rate may be higher as a result.

Yes, but the rate may not be as low as others that charge a fee. Check the total cost of the mortgage over the 2 years to find the cheapest deal.

About our mortgage comparison

We include every mortgage in the UK you can apply for directly from the lender. They are all from lenders regulated by the Financial Conduct Authority. Here is more information about how our website works.

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You do not pay any extra and the deal you get is not affected.

Last updated: 28 January 2021