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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731 results found, sorted by lowest initial rate. How we order our comparisons. Commission earned affects the table's sort order.
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Progressive Building Society 2 year fixed for properties in Northern Ireland
Maximum LTV
60%
Initial rate
0.89% fixed for 2 years
Subsequent rate (SVR)
4.35% variable
Overall cost for comparison
3.96% APRC
Available in branch only.
More information
Application feeNo fee
Arrangement fee£995 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, in the first two years

Other fees may apply.

Eligibility
Available Direct
Available in Northern Ireland
First Time Buyers
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Progressive Building Society 2 year fixed remortgage for properties in Northern Ireland
Maximum LTV
60%
Initial rate
0.89% fixed for 2 years
Subsequent rate (SVR)
4.35% variable
Overall cost for comparison
3.97% APRC
Available in branch only.
More information
Application feeNo fee
Arrangement fee£995 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, in the first two years

Other fees may apply.

Eligibility
Available Direct
Available in Northern Ireland
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Progressive Building Society 2 year fixed for properties in Northern Ireland
Maximum LTV
75%
Initial rate
0.99% fixed for 2 years
Subsequent rate (SVR)
4.35% variable
Overall cost for comparison
3.98% APRC
Available in branch only.
More information
Application feeNo fee
Arrangement fee£995 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, in the first two years

Other fees may apply.

Eligibility
Available Direct
Available in Northern Ireland
First Time Buyers
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Progressive Building Society 2 year fixed remortgage for properties in Northern Ireland
Maximum LTV
75%
Initial rate
0.99% fixed for 2 years
Subsequent rate (SVR)
4.35% variable
Overall cost for comparison
3.98% APRC
Available in branch only.
More information
Application feeNo fee
Arrangement fee£995 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, in the first two years

Other fees may apply.

Eligibility
Available Direct
Available in Northern Ireland
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Progressive Building Society 2 year fixed for properties in Northern Ireland
Maximum LTV
60%
Initial rate
1.14% fixed for 2 years
Subsequent rate (SVR)
4.35% variable
Overall cost for comparison
3.94% APRC
Available in branch only.
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:

- 3.00% of amount paid, in the first two years

Other fees may apply.

Eligibility
Available Direct
Available in Northern Ireland
First Time Buyers
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Progressive Building Society 2 year fixed remortgage for properties in Northern Ireland
Maximum LTV
60%
Initial rate
1.14% fixed for 2 years
Subsequent rate (SVR)
4.35% variable
Overall cost for comparison
3.94% APRC
Available in branch only.
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:

- 3.00% of amount paid, in the first two years

Other fees may apply.

Eligibility
Available Direct
Available in Northern Ireland
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Newcastle Building Society 2 year fixed for first time buyers
Maximum LTV
75%
Initial rate
1.15% fixed until 29 Feb 2024
Subsequent rate (SVR)
3.96% variable
Overall cost for comparison
3.5% APRC
Available via telephone only.
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 28 Feb 2023

- then 1.00% of amount paid, until 29 Feb 2024

Other fees may apply.

Eligibility
Available Direct
Available in England
First Time Buyers Only
First Time Buyers
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Barclays 2 year fixed shared equity
Maximum LTV
55%
Initial rate
1.19% fixed until 31 May 2024
Subsequent rate (SVR)
3.74% base rate tracker
Overall cost for comparison
3.4% APRC
This mortgage is available for new builds only on the Help to Buy Equity loan scheme.
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£749 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 31 May 2024

Other fees may apply.

Eligibility
Available Direct
Available in England
First Time Buyers
Max age at term end70 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Nationwide 2 year fixed
Maximum LTV
60%
Initial rate
1.24% fixed for 2 years
Subsequent rate (SVR)
3.74% 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:

- 1.25% of the outstanding balance, in the first year

- 0.75% of the outstanding balance, in the second year

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
Max age at term end75 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Santander 2 year fixed
Maximum LTV
60%
Initial rate
1.24% fixed until 02 Apr 2024
Subsequent rate (SVR)
3.5% base rate tracker
Overall cost for comparison
3.0% 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:

- 3.00% of the outstanding balance, before 02 Apr 2024

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
Self Employed Accepted
Reliance Bank 2 year fixed
Maximum LTV
75%
Initial rate
1.25% fixed until 31 Mar 2024
Subsequent rate (SVR)
4.0% variable
Overall cost for comparison
3.5% APRC
Available in branch only.
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:

- 3.00% of amount paid, before 31 Mar 2023

- then 2.00% of amount paid, until 31 Mar 2024

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Wales
First Time Buyers
Max age at term end75 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Self Employed Accepted
Reliance Bank 2 year fixed cashback mortgage
Maximum LTV
75%
Initial rate
1.25% fixed until 31 Mar 2024
Subsequent rate (SVR)
4.0% variable
Overall cost for comparison
3.5% APRC
Available in branch only.
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:

- 3.00% of amount paid, before 31 Mar 2023

- then 2.00% of amount paid, until 31 Mar 2024

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Wales
First Time Buyers
Max age at term end75 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Self Employed Accepted
Barclays 2 year fixed
Maximum LTV
60%
Initial rate
1.26% fixed until 31 May 2024
Subsequent rate (SVR)
3.74% base rate tracker
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 31 May 2024

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 end70 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Barclays 2 year fixed cashback remortgage
Maximum LTV
60%
Initial rate
1.26% fixed until 31 May 2024
Subsequent rate (SVR)
3.74% base rate tracker
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 31 May 2024

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
Max age at term end70 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Barclays 2 year fixed remortgage
Maximum LTV
60%
Initial rate
1.26% fixed until 31 May 2024
Subsequent rate (SVR)
3.74% base rate tracker
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 31 May 2024

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
Max age at term end70 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Furness Building Society 2 year fixed
Maximum LTV
75%
Initial rate
1.29% fixed for 2 years
Subsequent rate (SVR)
5.29% variable
Overall cost for comparison
4.5% APRC
Area restrictions may apply.
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:

- 3.00% of amount paid, in the first year

- 2.00% of amount paid, in the second year

Other fees may apply.

Eligibility
Available Direct
Available in England
First Time Buyers
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Self Employed Accepted
HSBC 2 year fixed
Maximum LTV
60%
Initial rate
1.29% fixed until 30 Apr 2024
Subsequent rate (SVR)
3.54% variable
Overall cost for comparison
3.3% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking fee£999 with an option to add to the loan
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, in the first year

- then 1.00% of amount paid, until 30 Apr 2024

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
HSBC 2 year fixed for first time buyers
Maximum LTV
60%
Initial rate
1.29% fixed until 30 Apr 2024
Subsequent rate (SVR)
3.54% variable
Overall cost for comparison
3.3% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking fee£999 with an option to add to the loan
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, in the first year

- then 1.00% of amount paid, until 30 Apr 2024

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
Nationwide 2 year fixed
Maximum LTV
60%
Initial rate
1.29% fixed for 2 years
Subsequent rate (SVR)
3.74% variable
Overall cost for comparison
3.3% 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:

- 1.25% of the outstanding balance, in the first year

- 0.75% of the outstanding balance, in the second year

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
Max age at term end75 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Nationwide 2 year fixed cashback mortgage for first time buyers
Maximum LTV
60%
Initial rate
1.29% fixed for 2 years
Subsequent rate (SVR)
3.74% variable
Overall cost for comparison
3.3% 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:

- 1.25% of the outstanding balance, in the first year

- 0.75% of the outstanding balance, 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 Only
First Time Buyers
Max age at term end75 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Santander 2 year fixed cashback remortgage
Maximum LTV
60%
Initial rate
1.29% fixed until 02 Apr 2024
Subsequent rate (SVR)
3.5% base rate tracker
Overall cost for comparison
2.9% 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:

- 3.00% of the outstanding balance, before 02 Apr 2024

- £250 cashback needs to be repaid before 02 Feb 2024

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
Max age at term end75 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Santander 2 year fixed remortgage
Maximum LTV
60%
Initial rate
1.29% fixed until 02 Apr 2024
Subsequent rate (SVR)
3.5% base rate tracker
Overall cost for comparison
2.9% 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:

- 3.00% of the outstanding balance, before 02 Apr 2024

- £200 fees contribution needs to be repaid before 02 Feb 2024

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
Max age at term end75 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Virgin Money 2 year fixed cashback mortgage
Maximum LTV
65%
Initial rate
1.31% fixed until 01 Jun 2024
Subsequent rate (SVR)
4.49% variable
Overall cost for comparison
3.9% APRC
Available on new builds. Available on an interest only or repayment basis. For residential interest only and part and part loans there is a minimum combined gross income requirement of £75,000.
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:

- 1.50% of the outstanding balance, before 01 Jun 2024

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 application68 years
Max age at term end75 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Barclays 2 year fixed shared equity
Maximum LTV
75%
Initial rate
1.32% fixed until 31 May 2024
Subsequent rate (SVR)
3.74% base rate tracker
Overall cost for comparison
3.4% APRC
This mortgage is available for new builds only on the Help to Buy Equity loan scheme.
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£749 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 31 May 2024

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Wales
First Time Buyers
Max age at term end70 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
HSBC 2 year fixed remortgage
Maximum LTV
60%
Initial rate
1.34% fixed until 30 Apr 2024
Subsequent rate (SVR)
3.54% variable
Overall cost for comparison
3.3% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking fee£999 with an option to add to the loan
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, in the first year

- then 1.00% of amount paid, until 30 Apr 2024

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 comparison3.75% APRC representative
Initial rate2.19% fixed for 2 years (24 instalments of £726.81pm)Subsequent rate (SVR)4.02% variable for the remaining 23 years (276 instalments of £888.06pm)
Lender fee£552Total amount payable£263,101.10

Find the best 2 year fixed mortgage rates

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

What is a two year fixed rate mortgage?

A 2 year fixed rate mortgage is a mortgage deal that 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 the Bank of England's base rate rises until your deal ends.

How to get the best 2 year fixed rate mortgage

It's important to do your research to find the best mortgage available to you. Ask yourself questions such as: What is the mortgage interest rate? Are there any fees or charges? And how much will my monthly repayments be? 

You can check and compare several factors, such as:

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

  • Fees and charges on a two year fixed rate mortgage: You might get charged for taking out a 2 year fixed rate 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.

How can I find the cheapest 2 year fixed rate mortgage with no fee?

Rather than looking for the best no-fee, 2 year fixed rate mortgage deal, think about all the fees and rates collectively. Don't just look for the lowest initial rate or the best fees. The best no-fee mortgage deal may have much higher rates, increasing the overall cost. 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. Instead of searching for the best two year fixed mortgage with no fee, focus on finding the cheapest 2 year fixed rate mortgage

Are 2 year mortgages the only fixed rate mortgages?

No, if you want a fixed rate mortgage where the rate lasts for longer than 2 years, you can compare all fixed rate mortgages here.

Why should I get 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 2 year fixed rate mortgage also means you're protected against interest rate rises during the fixed period.

Five year versus 2 year fixed rate mortgages 

A 2 year or 5 year mortgage 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.

The downside is that you’ll need to remortgage far more often with a two-year fixed-rate, which means you’ll have to spend more than twice as long on the process and potentially pay fees more often. 

Can I get a very low rate 2 year fixed rate no fee mortgage?

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.

Can I get a 2 year fixed rate mortgage no fee?

Some lenders will offer deals without application fees, but if you come out of your 2 year fixed mortgage you will pay a fee. 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. You might be able to avoid a fee by waiting until the end of your 2 year deal. 

Will I pay a fee when I take out a new 2 year fixed rate mortgage?

Most mortgages will involve a fee, whether it's an arrangement fee or a broker fee. There will also be a transfer fee for making sure the money is transferred to your bank account and to the seller (normally via a solicitor). 

Some lenders will waive certain fees if you are remortgaging with them, but there is likely to be some expense. Since 2016, mortgage lenders have had to include all fees in the Annual Percentage Rate of Charge or APRC. 

Should I get a 2 year mortgage rate?

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

1. Two year fixed deals can be more expensive

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 fixed rate 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.

2. You might feel tied in

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 fixed mortgage rates in the UK, 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 more than 2 years?

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 - you can even choose 10 year fixed rate mortgages or longer still.

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 soon. Not only will your fixed term end sooner, but the penalties are usually lower if you choose to pay off your mortgage before the term ends.

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

If you decide to go for a two-year deal, it's important to use a comparison table like the 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, as it does 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. 

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

  • Switch but stay with the same lender. 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 ends to talk about getting better rates on a new mortgage.

  • Remortgage. You could remortgage by switching your mortgage to another lender.

The key point is not to simply accept what your current lender is offering - check what other options are out there. 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

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Last updated: 11 October, 2021

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