A fixed rate mortgage is a mortgage with an interest rate that stays the same for a set period. The length of time it's fixed for depends on what kind you choose. You can get a:

  • 1 year fixed rate mortgage

  • 2 year fixed rate mortgage

  • 3 year fixed rate mortgage

  • 5 year fixed mortgage

  • 10 year fixed mortgage.

Because the interest rate stays the same, your monthly repayments on a fixed rate mortgage don't go up or down during the fixed term.

With other types of mortgage, the interest can go up when the lenders increase their standard variable rate (SVR). They can do this at any time which can make it hard to plan, as you don't know how much your mortgage repayments will be from month to month.

However, with a fixed rate mortgage, changes to the SVR or Bank of England base rate won't affect your repayments.

Find out more about fixed rate mortgages

Other types of interest rate

When you take out a mortgage, there are more options than just fixed mortgage rates.

Here are some of the other types of mortgage interest rates you can choose from.

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

  • Tracker mortgages come with interest rates that 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.

How to choose the right type of interest rate

Is a fixed rate mortgage best?

The main advantage of a fixed rate mortgage is that your monthly costs won't increase. You'll still need to find the best fixed rate mortgage. There can be downsides to this type of mortgage, too.

The important things to remember are that ...

  • ... if interest rates go up, 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. That's 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. That means you can be sure you're looking at the best fixed rate mortgage deals and can choose the best fixed rate mortgage there is.

With our comparison, you can compare fixed rate mortgages that come with the term and loan-to-value ratio you need. This'll help you to find the best fixed mortgage rates available.

What are the benefits of fixed rate mortgages?

Fixed rate mortgages come with lots of benefits. These include:

  • You can budget more easily with a fixed rate because your repayments will be the same every month, for as long as the fixed term lasts.

  • You don't need to worry about price increases as you're protected from rising interest rates. The longer you fix for, the longer you're protected for.

  • With a fixed mortgage you're also protected from rises in your lender's SVR.

What are downsides of a fixed term mortgage?

A fixed term mortgage also has its downsides. These include:

  • They can be more expensive than other mortgages. This means that even though your repayments will be the same each month, they could be higher than with a variable rate mortgage.

  • You're not protected against interest rates going down. With a variable mortgage, if interest rates went down, you'd see the benefit with lower repayments. With a fixed-rate mortgage, your repayments would stay the same regardless of what interest rates were doing.

  • You might have a fixed rate for a long time, especially if you choose a longer term such as a 5 year fixed mortgage or a 2 year fixed rate mortgage.

How long should I fix my mortgage for?

Choosing what kind of fixed rate mortgage to go for can be tricky as there are so many different terms available. You'll need to find one that best suits your personal situation.

Different mortgage terms come with different benefits. With a shorter term, you could switch to an alternative mortgage product sooner, and the flexibility could be helpful. But, with a longer term, you'll get the security of knowing what your repayments are for longer.

Whatever you choose, it's important to try to find the cheapest fixed rate mortgage available.

What are the benefits of shorter term fixed mortgage rates?

Even if you find the best mortgage rates, 5 year fixed deals or 10 year fixed mortgage rates a shorter term can sometimes be better.

There are several benefits to a shorter fixed-rate mortgage such as a 1 year fixed mortgage or a 2 year fixed rate mortgage. These include:

  • They're usually cheaper as they're less risky for the lender

  • They're good if you plan to move house within a few years. You can move when the term ends, rather than pay an early repayment fee to get out of your term early

  • If interest rates go down, you'll be able to switch at the end of the term and choose from the best and cheapest fixed rate mortgage deals

  • If you decide to pay off your mortgage early, the penalties don't tend to be as high with shorter term fixed mortgage rates, UK wide.

What are the benefits of 5 year fixed mortgage rates and 10 year fixed mortgage rates?

Sometimes, the best 5 year fixed rate or best 10 year fixed mortgage deals can be a better option, but it all depends on your situation.

The benefits of a longer-term fixed mortgage include:

  • You're locked in for longer. That means you're protected against paying higher monthly repayments if interest rates go up. Your monthly repayments won't increase for the length of your term.

  • You won't have to find a new mortgage for a long time. This means you avoid paying upfront fees on new deals every couple of years. You'll also save time looking for new deals frequently.

  • Longer term mortgages can work out cheaper in the long run. You're avoiding risk and paying less in the way of fees so, if you know you won't be moving, they can be better.

Of course if you do choose a longer term, it's important to find the best 5 year fixed mortgage or the best 10 year fixed rate mortgage you can.

How can I find the best fixed rate mortgage?

Use our comparison table above to find the best fixed rate mortgage for you. It includes every deal on the market so you can be sure you'll find the best fixed rate mortgages, UK wide.

Once you've found a fixed rate mortgage you like the look of, you can use our fixed rate mortgage calculator to work out how much you'd pay each month. This will help you to work out which are the best fixed rate mortgages for you.

What deposit do I need to access the best fixed rate mortgage deals?

As with all mortgages, the larger your deposit the better the deal you'll get. That's because the more money you're putting into the house, the less of a risk it is for the lender, so they are more likely to offer you a cheaper mortgage.

Here are some ways to save up a mortgage deposit.

Fixed rate mortgage FAQs

Q

What happens when my fixed rate ends?

A

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.

Q

Can I pay off my mortgage before the term ends?

A

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

Q

What is the longest fixed rate available?

A

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

Q

Will applying for a mortgage affect my credit rating?

A

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

Q

Is the lowest rate always best?

A

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.

About our mortgage comparison

Q

Who do we include in this comparison?

A

We include mortgages from every lender in the UK. They are all from lenders regulated by the Financial Conduct Authority. Here is more information about how our website works.

Q

How do we make money from our comparison?

A

We have commercial agreements with some of the companies in this comparison and get paid commission if we help you take out one of their products or services. Find out more here.
You do not pay any extra and the deal you get is not affected.