Skip to content

Fixed-Rate Mortgages

Find the right fixed-rate mortgage deal for you

  • Compare fixed-rate mortgage deals for first-time buyers

woman checking phone

Compare 1000s of mortgage products, covering the whole market

Your mortgage is likely to be your biggest financial commitment, so shopping around for the best deal is vital. We can help by comparing thousands of products from a wide variety of lenders, covering the whole of the market – so you can be confident you’re getting the right fixed-rate mortgage deal.

company logo for Halifax-110-newcompany logo for hsbc-110company logo for Post-Office-110company logo for lloyds-110company logo for yorkshire-110company logo for barclays-110company logo for NatWest logo thumbnail

Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.

Why choose a fixed-rate mortgage?

A fixed-rate mortgage has a number of advantages for homebuyers and those looking to remortgage:

  • Fixed monthly payments – peace of mind that your mortgage repayments will stay the same throughout the mortgage deal 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

We make it easy to search for a new fixed-rate mortgage. By comparing deals from leading UK lenders, and showing the initial interest rate and any fees, we can help you find the best home loan deal for you.

house image

What are the pros and cons of fixed-rate mortgages?

A fixed-rate mortgage can be a great way to budget and keep monthly costs down, but there is a range of factors to consider.

  • Tick

    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

  • Cross

    The cons

    • Fixed-rate mortgages tend to have higher rates than tracker rates and other variable rate deals

    • 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 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:

  • Is security or cost more important?

    Long-term fixed rates offer payment security. But short-term fixed rates are likely to be cheaper.

  • 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.

  • 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.

How to get the best fixed-rate mortgage deal

  • 1

    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. 

  • 2

    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.

  • 3

    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.

  • 4

    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.

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 depositlegal costs and any stamp duty you’ll need to pay. 

£150,000 repayment mortgage taken over 25 years

 

1.5% fixed for two years, £1,500 fee

2% fixed for two years with no fee

Monthly repayments

£600

£636

Total cost of deal – repayments plus fee

£15,900

£15,264

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.

Compare fixed-rate mortgages

Find the best deal on fixed-rate mortgages with MoneySuperMarket

  • 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

  • We search for mortgages

    We do the hard work of finding the best mortgage deals and lenders to meet your specific needs

  • Continue to application stage

    Once you’ve found the right provider, you can click through and make your full application 

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 rate. This means that the amount of interest you pay each month could go up or down if the base rate does. As for , these options last between two and five years, and are fixed at a set percentage below your lender’s standard variable rate.

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

A fixed-rate mortgage is typically for two or five years. After the deal term ends, you will be automatically moved on to the lender’s standard variable rate (SVR). This will usually be a higher rate than your fixed-rate deal, so your monthly repayments will rise if you do nothing.

To avoid this, as you near the end of your fixed-rate deal, it’s wise to shop around for a new mortgage deal. You can agree it in advance and time it to start when your current fixed-rate ends.

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.

There’s no set longest fixed-rate mortgage, but terms of up to 40 years have been seen 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 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.

Yes, fixed-rate mortgages can be a valuable option for first-time buyers who are looking to get onto the property ladder.

In fact, they keep payments consistent for a set amount of time and are available even if you don’t have a large deposit.

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.

So how do we make our money? In a nutshell, when you use us to buy a product, we get a reward from the company you’re buying from.

But you might have other questions. Do we provide access to all the companies operating in a given market? Do we have commercial relationships or ownership ties that might make us feature one company above another?

We commit to providing you with clear and informative answers on all points, so we have gathered the relevant information on this page.

MoneySuperMarket gives you lots of clever ways to save a lot by doing very little.

  • Take control of your credit score by checking and improving it for free with MoneySuperMarket's Credit Monitor

  • Never overpay again with Energy Monitor, our energy monitoring service