A two year fixed rate mortgage will secure your monthly repayments at the same level for two years, protecting you against potential interest rate rises
Keeping your mortgage repayments the same for a set period of time can help you manage your finances by giving regular predictable expenses.
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Why choose a two year fixed rate mortgage
Two year fixed rate mortgages often come with a higher arrangement fee than tracker mortgages.
Despite this, they remain popular with borrowers as your monthly repayments are fixed for a two year period, which means if interest rates increase your monthly repayments will remain the same.
However, if rates drop during the two year period you will not benefit from the lower mortgage interest rates that are available. Also, if rates do rise over the two year period you could end up having a sharp increase in your monthly repayments when your two year deal ends.