When you take out a mortgage, your monthly payments are based on the amount you borrow and the interest charged by your lender.
The interest rate can vary substantially based on your credit rating, loan-to-value (percentage of the cost of the property that you borrow), and the kind of mortgage you choose, not to mention the wider economic situation.
With a fixed-rate mortgage your interest rate stays the same for an agreed period, typically two, three, five or 10 years. Although often more expensive initially, these arrangements are popular because they provide certainty in your monthly repayments. You can feel safe in the knowledge that your payments won’t shoot up if interest rates rise.
With a fixed-rate mortgage, the interest rate you are charged on your repayments each month are fixed for an agreed period of time.
You typically pay a slightly higher rate of interest than you would for a variable rate mortgage, however this is to guarantee the rate. If the Bank of England base rate rises or market conditions worsen, your lender can’t change your interest rate and your payments will stay affordable. On the other hand, if interest rates fall during your fixed-rate period – you won’t benefit.
Different lenders offer different rates and fix lengths, so it’s a good idea to compare deals thoroughly before deciding which is the best fixed-rate mortgage deal for you. You can also check how much you might be able to borrow using our mortgage affordability calculator.
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This table shows some of our best fixed-rate mortgage deals. Deals are based on the initial rate available and applied to some different loan-to-value (LTV) ratios. The initial rate is paid during the introductory deal period (for a two-year fixed-rate mortgage, the introductory period is two years).
We've also included the Annual Percentage Rate of Change (APRC) in brackets after the initial rate for each deal. The APRC is used to compare the cost over the full length of the mortgage term, beyond the original initial deal rate, as well as mortgage fees. Keep in mind that many people remortgage at the end of their introductory deal, rather than moving onto the SVR - which reduces the usefulness of APRC.
|LTV||2-year fixed||5-year fixed|
|90||Yorkshire Building Society - 5.34% (7.32% APRC)||HSBC - 4.86% (6.4% APRC)|
|80||Yorkshire Building Society - 5.14% (7.28% APRC)||Halifax - 4.67% (7.2% APRC)|
|70||Halifax - 4.9% (8.3% APRC)||Halifax - 4.51% (7.1% APRC)|
|60||Halifax - 4.75% (8.2% APRC)||Halifax - 4.41% (7.1% APRC)|
90% LTV 2 Year Fixed - Yorkshire Building Society - 5.34% Repayment mortgage of £252,000.00 over 25 years, representitive APRC 7.32%. Repayments: 27 months of £1,532.55 at 5.34% (fixed), then 273 months of £1,930.66 at 8.24% (variable). Total amount payable £557,753.43. Early repayment charges apply until 28-Feb-2026. Other fees may apply.
80% LTV 2 Year Fixed - Yorkshire Building Society - 5.14% Repayment mortgage of £224,000.00 over 25 years, representitive APRC 7.28%. Repayments: 27 months of £1,336.68 at 5.14% (fixed), then 273 months of £1,715.09 at 8.24% (variable). Total amount payable £494,808.45. Early repayment charges apply until 28-Feb-2026. Other fees may apply.
70% LTV 2 Year Fixed - Halifax - 4.9% Repayment mortgage of £196,000.00 over 25 years, representitive APRC 8.3%. Repayments: 28 months of £1,140.19 at 4.9% (fixed), then 272 months of £1,582.22 at 8.74% (variable). Total amount payable £462,289.16. Early repayment charges apply until 31-Mar-2026. Other fees may apply.
60% LTV 2 Year Fixed - Halifax - 4.75% Repayment mortgage of £168,000.00 over 25 years, representitive APRC 8.2%. Repayments: 28 months of £963.49 at 4.75% (fixed), then 272 months of £1,355.83 at 8.74% (variable). Total amount payable £395,763.48. Early repayment charges apply until 31-Mar-2026. Other fees may apply.
90% LTV 5 Year Fixed - HSBC - 4.86% Repayment mortgage of £252,000.00 over 25 years, representitive APRC 6.4%. Repayments: 63 months of £1,459.86 at 4.86% (fixed), then 237 months of £1,731.46 at 6.99% (variable). Total amount payable £502,327.20. Early repayment charges apply until 28-Feb-2029. Other fees may apply.
80% LTV 5 Year Fixed - Halifax - 4.67% Repayment mortgage of £224,000.00 over 25 years, representitive APRC 7.2%. Repayments: 64 months of £1,272.43 at 4.67% (fixed), then 236 months of £1,743.71 at 8.74% (variable). Total amount payable £492,951.08. Early repayment charges apply until 31-Mar-2029. Other fees may apply.
70% LTV 5 Year Fixed - Halifax - 4.51% Repayment mortgage of £196,000.00 over 25 years, representitive APRC 7.1%. Repayments: 64 months of £1,096.10 at 4.51% (fixed), then 236 months of £1,522.37 at 8.74% (variable). Total amount payable £429,429.72. Early repayment charges apply until 31-Mar-2029. Other fees may apply.
60% LTV 5 Year Fixed - Halifax - 4.41% Repayment mortgage of £168,000.00 over 25 years, representitive APRC 7.1%. Repayments: 64 months of £930.74 at 4.41% (fixed), then 236 months of £1,303.64 at 8.74% (variable). Total amount payable £367,226.40. Early repayment charges apply until 31-Mar-2029. Other fees may apply.
Rates provided by Mojo Mortgages and updated every 12 hours. DEALS SHOWN MAY NOT BE AVAILABLE AT THE POINT YOUR APPLICATION IS SUBMITTED.
You may not be eligible for all mortgage deals, depending on your individual circumstances. Remember to consider associated product fees as well as the initial rate when comparing mortgage deals as these can make deals more expensive overall.
If you're on a strict budget, it might be a good idea to fix your mortgage rate from the day you take out your mortgage. You can also remortgage onto a new fixed-rate deal when each fixed period ends, to ensure you always know what your repayments will be.
If the Bank of England base rate is rising or is expected to, a fixed-rate mortgage deal could be a good move. All other mortgage rates are variable, which means that your interest rate is likely to be affected, either directly or indirectly.
Another good time to switch mortgages onto a fixed-rate is when competition between lenders has driven the rates down. You can remortgage up to six months before the end of your current deal, so if rates are low you can lock in a deal early.
The good news is, you’re not even bound to a remortgage deal until the completion date (when your existing deal ends), so if you find a better deal in the meantime, you can still take advantage of it.
There is an element of guess work and an element of personal preference here. It can be difficult to estimate what interest rates will be like when your fixed-rate deal ends. With shorter fixes, there's typically more information about the future market - but the volatility seen in late 2022 and the first half of 2023 has shown that there's no guarantee that information won't change.
The most common terms are two years fixes and five year fixes, however, an increasing number of people are fixing for 10 years or more. A short term fixed-rate mortgage deals ensure that you don't miss out on lower rates for too long, should they fall suddenly. But they also mean remortgaging more frequently.
If you choose not to remortgage at the end of a fixed-term deal, you automatically fall onto the lenders standard variable rate of interest (SVR) which is typically higher - and subject to change, given that it's variable. There are costs involved with remortgaging, so if you intend to do so every two years, they could potentially outweigh the benefits of switching eventually.
Another important consideration is whether you're likely to want to move home during the fixed-rate period. Most fixed-rate mortgages charge early repayment fees if you want to leave them early, which you may need to do to move.
However, many mortgages are portable, which means you can take them to a new property with you. You’ll want a portable fixed-rate mortgage if you do plan to move before your fixed-rate ends.
Traditionally, longer fixed-rate periods have been much more expensive as they offer greater security, however, with the current volatility in the market, this is not always the case. Recently we've seen five year fixes cheaper than two year fixes for some time.
It’s absolutely worth speaking to a mortgage broker to help you find the best fixed-rate mortgage, as they have access to the most up to date rates across the market.
Mortgage fees are largely the same group of costs, no matter what type of mortgage you opt for. They include arrangement, conveyancing, legal and valuation fees, as well as stamp duty, where applicable.
Mortgage arrangement fees vary from lender to lender, but you may find that they are slightly higher for fixed-rate mortgages than variable, given the extra assurance that the rate won’t change.
Your mortgage payments are safeguarded against any increase in interest rates
Fixed-rate mortgages make it easier to budget because you know exactly what your repayments will be for the duration of the fix
A fixed-rate mortgage is typically more affordable than the lender’s standard variable rate (SVR)
You can choose how long to fix for
Unlike SVR mortgages, if you want to pay off your fixed-rate mortgage early you will probably have to pay ERCs (early repayment charges)
If interest rates fall, stay level, or only rise a small amount, you may end up paying more than you would on a variable rate deal
Fixed-rate mortgages typically have higher rates than variable rate deals
Fixed-rate mortgages often have higher arrangement fees, however, the fees can usually be added to your loan
The majority of mortgage holders choose fixed-rate mortgages options as they provide certainty to your household budget for a set amount of time. There are lots of different fixed-rate options out there, so speak to an expert to find the most suitable one for you. ”Kellie Steed, Mortgage Content Writer
When your fixed-rate period comes to an end, you'll be moved to the provider’s standard variable rate (SVR). These are set at the discretion of the lender and can increase at any time.
SVR mortgages are typically the most expensive, so in most cases, you should consider either fixing again or swapping to a different variable deal to lower your repayments.
Fixed-rate mortgage interest rates remain the same for the duration of the deal, whereas all variable rates are subject to change. They can go up or down, but this can happen fairly regularly, meaning your mortgage repayments will fluctuate over time.
Our guide page on this subject will help you to better understand the difference between fixed-rate and variable rate deals.
Most fixed-rate mortgages charge early repayment fees if you want to leave before the end of the fixed term. However, you can organise a remortgage as far as six months ahead of your current deal's end date. So if you see a competitive rate today, you won’t necessarily need to wait until you deal ends to lock it in.
Some fixed rates are available for the lifetime of the mortgage, in some cases as long as 40 years. Keep in mind that interest rates on such a long fix will be far less competitive than those fixed for less than 10 years, however.
If interest rates fall significantly on a long-term fixed-rate deal you'll be stuck on a higher rate unless you pay the ERCs (Early repayment charges). These are likely to be very high on a long deal - often as much as 5% of the remaining mortgage balance.
You can usually overpay by up to a maximum of 10% of the remaining mortgage balance per year, without incurring ERCs (but check your terms and conditions). However, theoretically you could repay your full balance at any time, if you're willing to pay the ERCs.
It's worth noting that when you fall onto the lender’s SVR, you'll no longer have to pay fees to repay your mortgage early, so this could be a good time to consider it.
They’re usually more expensive than tracker and discount deals at the outset, but if interest rates rise, they may end up being cheaper overall.
How much deposit you need is not determined by the type of mortgage or interest rate you choose. All mortgages have something called a loan-to-value (LTV) ratio and each lender has a maximum LTV acceptable for each of their mortgage products. The LTV will therefore guide you in how much deposit (or equity if remortgaging) you need.
Lower interest rates are directly linked to a higher deposit, as well as your wider personal circumstances, such as your credit rating. The cheapest fixed-rate mortgage deals will, therefore, be reserved for those with larger deposits and a lower LTV.
Uswitch is not a mortgage intermediary and makes introductions to Mojo Mortgages to provide mortgage solutions. Uswitch and Mojo Mortgages are part of the same group of companies. Uswitch Limited is authorised and regulated by the Financial Conduct Authority (FCA) under firm reference number 312850. You can check this on the Financial Services Register by visiting the FCA website. Uswitch Limited is registered in England and Wales (Company No 03612689) The Cooperage, 5 Copper Row, London SE1 2LH. Mojo Mortgages is a trading style of Life's Great Limited which is registered in England and Wales (06246376). Mojo 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, and head office is WeWork No. 1 Spinningfields, Quay Street, Manchester, M3 3JE. To contact Mojo by phone, please call 0333 123 0012.