Security or cost?
Long-term fixed rates offer the greatest payment security, but shorter fixed rates are likely to be cheaper.
Best fixed mortgage rates by term length
Find the best 2, 3, and 5-year fixed mortgage rates available at MoneySuperMarket on 13 May 2026. Based on a £200,000 mortgage on a £250,000 home, ordered by monthly payment. Actual costs will vary depending on your circumstances.
Club Lloyds current account holders only
Lloyds
2 year fixed
Representative example: a repayment mortgage amount of £200,000 over 25 years, representative APRC 6.9%. Total amount payable £419,245.15 includes interest of £218,146.15 product fees of £999 and other fees of £100. Repayments: 27 months of £1,123.05 at 4.6% (fixed), then 273 months of £1,420.60 at 7.24% (variable). Early repayment charges apply.
Nationwide
2 year fixed
Representative example: a repayment mortgage amount of £200,000 over 25 years, representative APRC 6.4%. Total amount payable £396,568.56 includes interest of £195,569.56 product fees of £999 and other fees of £0. Repayments: 24 months of £1,129.91 at 4.66% (fixed), then 276 months of £1,334.97 at 6.49% (variable). Early repayment charges apply.
Natwest
2 year fixed
Representative example: a repayment mortgage amount of £200,000 over 25 years, representative APRC 6.6%. Total amount payable £404,508.64 includes interest of £202,983.64 product fees of £1,495 and other fees of £30. Repayments: 26 months of £1,133.34 at 4.69% (fixed), then 274 months of £1,363.20 at 6.74% (variable). Early repayment charges apply.
Club Lloyds current account holders only
Lloyds
3 year fixed
Representative example: a repayment mortgage amount of £200,000 over 25 years, representative APRC 6.8%. Total amount payable £414,747.04 includes interest of £213,648.04 product fees of £999 and other fees of £100. Repayments: 39 months of £1,149.46 at 4.83% (fixed), then 261 months of £1,413.10 at 7.24% (variable). Early repayment charges apply.
Nationwide
3 year fixed
Representative example: a repayment mortgage amount of £200,000 over 25 years, representative APRC 6.3%. Total amount payable £393,902.52 includes interest of £192,903.52 product fees of £999 and other fees of £0. Repayments: 36 months of £1,156.40 at 4.89% (fixed), then 264 months of £1,330.58 at 6.49% (variable). Early repayment charges apply.
Bank of Ireland
3 year fixed
Representative example: a repayment mortgage amount of £200,000 over 25 years, representative APRC 6.6%. Total amount payable £406,980.25 includes interest of £205,275.25 product fees of £1,495 and other fees of £210. Repayments: 39 months of £1,157.56 at 4.9% (fixed), then 261 months of £1,379.81 at 6.94% (variable). Early repayment charges apply.
Nationwide
5 year fixed
Representative example: a repayment mortgage amount of £200,000 over 25 years, representative APRC 5.9%. Total amount payable £384,167.40 includes interest of £183,168.40 product fees of £999 and other fees of £0. Repayments: 60 months of £1,133.34 at 4.69% (fixed), then 240 months of £1,313.20 at 6.49% (variable). Early repayment charges apply.
Club Lloyds current account holders only
Lloyds
5 year fixed
Representative example: a repayment mortgage amount of £200,000 over 25 years, representative APRC 6.3%. Total amount payable £402,043.51 includes interest of £200,944.51 product fees of £999 and other fees of £100. Repayments: 63 months of £1,135.64 at 4.71% (fixed), then 237 months of £1,389.87 at 7.24% (variable). Early repayment charges apply.
Great for
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£250 cashback
HSBC
5 year fixed
Representative example: a repayment mortgage amount of £200,000 over 25 years, representative APRC 5.8%. Total amount payable £377,919.50 includes interest of £176,903.50 product fees of £999 and other fees of £17. Repayments: 62 months of £1,137.94 at 4.73% (fixed), then 238 months of £1,287.19 at 6.24% (variable). Early repayment charges apply.
Great for
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£350 cashback
What is a fixed rate mortgage?
With a fixed rate mortgage your repayments stay the same for the period it is fixed for. This offers great peace of mind that your payments will not suddenly increase.
At the end of your fixed term, the interest will usually change to the lender's standard variable rate, when it may be worth shopping around for another fixed rate mortgage deal.
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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Affordable
A fixed-rate mortgage will typically offer a lower rate than a lender’s standard variable rate.
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No decreases
If interest rates fall, you won’t see any decrease in your monthly payments, while a variable-rate or tracker mortgage will become cheaper.
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Easier budgeting
Your monthly repayments will be the same for as long as the fixed term lasts.
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Early repayment charges
There could be early repayment charges if you want to leave your fixed rate deal early or pay off your mortgage.
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Choice
Get a choice of term for your fixed-rate mortgage deal. Two, three, and five year fixed deals are popular, but you could lock in a rate for even longer.
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Fees
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 much does a 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 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 |
|---|
| 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 |
Rates chosen for illustration purposes and are not based on any products available at MoneySuperMarket. Calculations made using MoneySuperMarket’s loan calculator.
How to decide how long to fix for
To work out whether you should fix your mortgage rate for two, three, five, or more years, consider:
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Moving soon?
Locking into a fixed-rate deal for a longer period could make it more difficult or expensive to move house.
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Remortgaging
Short-term fixes have the lowest rates, but you’ll have to remortgage more often, potentially with fees each time.
How to get the best fixed-rate mortgage deal
Getting the best deal isn’t just about finding the lowest rate, it’s about choosing a mortgage that fits your finances and future plans.
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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 deals from a wide range of lenders
Shop around and compare deals to find the best possible mortgage loan to suit your needs. MoneySuperMarket 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
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Base Rate Calculator
Find out how your repayments could be affected by changes to the Bank of England's base rate
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Mortgage Overpayment Calculator
Find out how much you could save by making overpayments.
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Find out how much return you could earn from a buy-to-let property.
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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 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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We commit to providing you with clear and informative answers on all points, so we have gathered the relevant information on this page.
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Reviewed on 15 May 2026 by
The base rate or 'Bank Rate' is the official interest rate set by the Bank of England that guides banks and lenders.
The base rate is currently 3.75%, following a .25% cut in December 2025.
