Is security or cost more important?
Long-term fixed rates offer payment security. But short-term fixed rates are likely to be cheaper.
Our best fixed mortgage rates
What is a fixed rate mortgage?
A fixed rate mortgage means your repayments have a fixed interest rate for a period of time.
You can typically fix your mortgage rate for two, three, or five years - though some products can be fixed for 10 years.
If you repay your mortgage, or move without porting your mortgage, before the end of your fixed term, you're subject to an 'early repayment charge.'
At the end of your fixed term, your interest rate will change to the lender's standard variable rate, or 'SVR.'
Why fix your mortgage rate?
Fixed monthly payments – peace of mind that your mortgage repayments will stay the same throughout the fixed-rate period, even if interest rates go up elsewhere
Cheaper than standard variable rate – fixed-rate deals will typically offer a lower rate than a lender’s standard variable rate, meaning you can save money on your repayments
Fixed-term mortgage lengths
How do I decide how long to fix for?
You can fix your mortgage rate for two, three, five, and even 10 years or more. But it’s important to choose the deal that best suits your needs. When making your decision, consider the following:
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Are you likely to want to move house?
Locking into a fixed-rate deal for a longer period could make it more difficult or expensive to move house.
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How often do you want to remortgage?
Short-term fixes have the lowest rates, but you’ll have to remortgage more often, potentially with fees each time.
What are the pros and cons of fixed-rate mortgages?
A fixed-rate mortgage term can be a great way to budget and keep monthly costs down, but there are several factors to consider:
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The pros
Affordable – a fixed-rate mortgage will typically offer a lower rate than a lender’s standard variable rate
Easier budgeting – your monthly repayments will be the same for as long as the fixed term lasts
Consistency – you’ll be protected from any increase in interest rates
Get a choice of term for your fixed-rate mortgage deal – typically two, three, or five years – but some deals can be even longer
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The cons
If interest rates fall, you won’t see any decrease in your monthly payments, while a variable-rate mortgage will become cheaper
There could be early repayment charges if you want to leave your fixed rate deal early or pay off your mortgage
Fixed-rate mortgages often come with big upfront fees, which can be upwards of £1,000 (although they can usually be added to your mortgage loan)
How to get the best fixed-rate mortgage deal
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Check your credit score
Mortgage lenders look at your credit rating before deciding whether to offer you a deal and at what interest rate, so it’s important to keep your credit score as high as possible.
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Compare from a broad range of lenders
Shop around and compare deals to find the best possible mortgage loan to suit your needs. We can help you compare deals from across the market so you can see a broad range of options.
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Build as big a deposit as possible
The more money you can put down as a deposit (for homebuyers) – or equity in your existing home – the better the mortgage rates you’re likely to be offered.
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Check the deal meets your needs
While low interest rates are important, there are other aspects of a fixed-rate mortgage to consider, such as upfront fees and early redemption penalties.
Our expert says…
We are starting to see some two-year fixed mortgages being priced lower than five-year fixed mortgages for the first time since the mini-budget in September 2022. This is an encouraging sign for the market returning to more typical conditions.
However it is important to remember that headline rate is not the only consideration – you should consider your own personal circumstances and how important having a stable monthly payment is for you.
Ashton Berkhauer Home & Utilities Expert
What will my fixed-rate mortgage cost?
The total cost of your fixed-rate mortgage deal will depend on a range of factors, including:
How much you borrow – the size of your home loan
The interest rate you pay and the total term of your mortgage – such as 25 years
Whether you’re on a repayment or interest-only mortgage
Any upfront fees attached to the fixed-rate deal
If you’re buying a new property, there are also likely to be other additional costs including your deposit, legal costs and any stamp duty you’ll need to pay.
£150,000 repayment mortgage taken over 25 years |
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| 4.5% fixed for two years, £1,000 fee | 4.75% fixed for two years with no fee |
|---|---|---|
Monthly repayments | £834 | £855 |
Total cost of deal – repayments plus fee | £21,010 | £20,524 |
These rates were chosen for illustration purposes and are not based on any products available with MoneySuperMarket. Calculations were made using MoneySuperMarket’s loan calculator.
More handy calculators for homebuying and remortgaging
Take control of your home-buying journey with our simple mortgage and savings calculators.
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Mortgage repayment calculator
Use our mortgage repayment calculator to work out what your repayments will be, based on how much you’re borrowing, the interest rate and fees of the deal, and the term of the mortgage.
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Stamp Duty calculator
Use our Stamp Duty calculator to work out how much you'll have to pay when you buy your property.
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Base Rate calculator
Use our Base Rate calculator to find out how your mortgage repayments will be affected by changes to the Bank of England Bank Rate.
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Savings Interest calculator
Our savings interest calculator will show you how much interest you could accrue on your lump sum or monthly savings, and how long it might take to save towards a specific financial goal.
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Compare fixed-rate mortgages
Find the best deal on fixed-rate, fixed-term mortgages with MoneySuperMarket
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It doesn’t take long
You provide us with a few details about you, your financial circumstances and the property you want to buy or remortgage
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We search for mortgages
We do the hard work of finding the best mortgage deals and lenders to meet your specific needs
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Continue to application stage
Once you’ve found the right provider, you can click through and make your full application
More help for homebuyers
What is the difference between a variable-rate and fixed-rate mortgage?
With a fixed-rate mortgage, your interest rate is fixed for a specific period of time, and it will remain the same for that period.
Instead, with a variable-rate mortgage, the interest rate can change and fluctuate over a period of time. Variable mortgages may include tracker mortgages and discounted-rate mortgages.
Tracker mortgages move in line with the Bank of England base rate. This means that the amount of interest you pay each month could go up or down if the base rate does. As for discounted-rate mortgages, these options last between two and five years, and are fixed at a set percentage below your lender’s standard variable rate.
When is a good time to fix my mortgage?
If you’re thinking about taking out a fixed-rate mortgage, this is when you may want to make the switch:
You’re currently on a variable rate and the Bank of England has shown that the interest rate is bound to rise in the near future
If the interest rate has decreased and, according to the Bank of England, no further reductions are on the cards
When competition between mortgage providers is high and, in turn, interest rates have become lower
Can you leave a fixed-rate mortgage early?
You can leave a fixed-rate mortgage early if, for example, you find a much lower mortgage rate elsewhere. But you’re likely to face an early repayment charge (ERC) that could run into thousands of pounds. While an ERC can seem expensive, in some cases, it may still work out better to take the financial hit and switch to a cheaper deal – than waiting out your current one.
What is the longest you can fix a mortgage for?
There’s no set longest fixed-rate mortgage, but terms of up to 40 years have been offered to mortgage customers in the past. Most homeowners look for fixed-rate mortgages of two, three or five years, but 10-year mortgages are becoming more popular.
While fixing for a long time might seem a great option to remove any uncertainty, it does lock you into a deal, and there will typically be early repayment charges to leave early. Given few of us can forecast what will happen to the economy and mortgage interest rates over the decades to come, it’s worth some consideration as it may be expensive to get out of it once signed up for a long fixed-rate deal.
Do fixed-rate mortgages work for first-time buyers?
Yes, fixed-rate mortgages can be an apt choice for first-time buyers who are looking to get onto the property ladder with their first home.
In fact, they keep payments consistent for a set amount of time and are available even if you don’t have a large deposit.
Can I get a fixed-rate mortgage if I want to rent out?
Yes, you’re able to take out a fixed-rate mortgage for a buy-to-let property. This works well for those who buy a property as an investment, rather than somewhere you would live yourself.
Generally, they’re interest-only mortgages and repayments are collected directly from the property rental’s income.
Can I make overpayments on a fixed rate mortgage?
Yes, you should be able to make overpayments on your fixed term mortgage, depending on the terms of the loan you take out. There’s a typically a limit of up to 10% per year, though. If you exceed this, you’ll likely have to pay charges.
What affects your eligibility for fixed rate mortgages?
As with all types of mortgages, your eligibility for a fixed rate mortgage will depend on a range of factors, including:
The size of your deposit
Your credit score
Your income and monthly spending
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Reviewed on 11 Dec 2025 by
Based on the 10th percentile of annual prices for van insurance policies sold through MoneySuperMarket in October 2025 where the covertype was Comprehensive.
Based on the average annual prices for van insurance policies sold through MoneySuperMarket in October 2025 where the covertype was Comprehensive.