Compare our best fixed rate mortgages

A fixed rate mortgage has an interest rate that is fixed for a set period of time. You can get 2, 3, 5 or 10 year fixed rate mortgages. Fixed rate mortgages protect you against rate increases. But, they also exclude you from rate decreases. Compare our best fixed mortgages, or explore our guide on fixed rate mortgages to learn more.

Mortgage type

Property price

£

Mortgage amount

£

Mortgage term

years

Initial rate type

Deal length

Repayment type

Our best fixed rate mortgages

  • Halifax 2 Year Fixed mortgage

    Initial rate 1.49%. APRC 4%. Set-up fees £1,495
  • Halifax 2 Year Fixed mortgage

    Initial rate 1.49%. APRC 3.9%. Set-up fees £1,495
  • Halifax 2 Year Fixed mortgage

    Initial rate 1.5%. APRC 3.9%. Set-up fees £995
  • Halifax 2 Year Fixed mortgage

    Initial rate 1.5%. APRC 4%. Set-up fees £995
  • Barclays 2 Year Fixed mortgage

    Initial rate 1.51%. APRC 3.9%. Set-up fees £999
  • Barclays 2 Year Fixed mortgage

    Initial rate 1.53%. APRC 3.8%. Set-up fees £999
  • Lloyds Bank 2 Year Fixed mortgage

    Initial rate 1.54%. APRC 3.8%. Set-up fees £999
  • Lloyds Bank 2 Year Fixed mortgage

    Initial rate 1.54%. APRC 3.8%. Set-up fees £1,499
  • Nationwide Building Society 2 Year Fixed mortgage

    Initial rate 1.54%. APRC 3.9%. Set-up fees £999
  • Barclays 2 Year Fixed mortgage

    Initial rate 1.55%. APRC 3.9%. Set-up fees £999
  • We've found 849 mortgage deals

    Halifax

    2 Year Fixed

    Initial rate

    1.49%

    until 28-02-2022

    APRC

    4%

    overall cost for comparison

    Set-up fees

    £1,495

    Monthly payment

    £679.09

    for 24 months

    Halifax

    2 Year Fixed

    Initial rate

    1.49%

    until 28-02-2022

    APRC

    3.9%

    overall cost for comparison

    Set-up fees

    £1,495

    Monthly payment

    £679.09

    for 24 months

    Halifax

    2 Year Fixed

    Initial rate

    1.5%

    until 28-02-2022

    APRC

    3.9%

    overall cost for comparison

    Set-up fees

    £995

    Monthly payment

    £679.89

    for 24 months

    Halifax

    2 Year Fixed

    Initial rate

    1.5%

    until 28-02-2022

    APRC

    4%

    overall cost for comparison

    Set-up fees

    £995

    Monthly payment

    £679.89

    for 24 months

    Barclays

    2 Year Fixed

    Initial rate

    1.51%

    until 31-01-2022

    APRC

    3.9%

    overall cost for comparison

    Set-up fees

    £999

    Monthly payment

    £680.69

    for 24 months

    Barclays

    2 Year Fixed

    Initial rate

    1.53%

    until 31-01-2022

    APRC

    3.8%

    overall cost for comparison

    Set-up fees

    £999

    Monthly payment

    £682.29

    for 24 months

    Lloyds Bank

    2 Year Fixed

    Initial rate

    1.54%

    until 28-02-2022

    APRC

    3.8%

    overall cost for comparison

    Set-up fees

    £999

    Monthly payment

    £683.09

    for 24 months

    Lloyds Bank

    2 Year Fixed

    Initial rate

    1.54%

    until 28-02-2022

    APRC

    3.8%

    overall cost for comparison

    Set-up fees

    £1,499

    Monthly payment

    £683.09

    for 24 months

    Nationwide Building Society

    2 Year Fixed

    Initial rate

    1.54%

    APRC

    3.9%

    overall cost for comparison

    Set-up fees

    £999

    Monthly payment

    £683.09

    for 24 months

    Barclays

    2 Year Fixed

    Initial rate

    1.55%

    until 31-01-2022

    APRC

    3.9%

    overall cost for comparison

    Set-up fees

    £999

    Monthly payment

    £683.89

    for 24 months

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    Representative example:

    If you borrowed £170,000 payable over 25 years, with an initial fixed-rate for two years at 2.39%, your monthly payments would be £754.32 for 24 months. This would then revert to a standard variable rate (SVR) of 4.53% for the remaining 23 years, costing £932.76 per month for 276 months. The total amount payable over the full term would be £276,082.62, including fees and interest.

    Your home may be repossessed if you do not keep up repayments on your mortgage.

    What is a fixed rate mortgage?

    A fixed rate mortgage offers a fixed mortgage interest rate for a certain period, usually 2, 3, 5 or 10 years.

    With fixed rate mortgages, your monthly repayments are guaranteed to stay the same for a set period of time, regardless of changes to the Bank of England interest rate (known as the base rate).

    Fixed rate mortgages give you more financial security than variable mortgages. You know that your monthly repayments will always be the same and can plan your finances around that.

    Fixed mortgages are usually a little more expensive than a variable discount or tracker mortgage.

    How to find the best fixed rate mortgage

    In general, the best fixed rate mortgage is the one with the lowest interest rate and setup fee.

    To find the cheapest fixed rate mortgage, you should compare the total cost of the mortgage over the complete fixed term. A fixed mortgage with the lowest interest rate may not be the cheapest option if it has a large setup fee.

    You can use the mortgage comparison table at the top of this page to find the best fixed rate mortgage for your financial situation.

    Mortgages with a longer fixed period usually have a higher interest rate, which means your monthly repayments will be bigger. Here are the average interest rates for different fixed rate mortgages in July 2019:

    • 2 year fixed mortgage interest rate: 1.7%. Example monthly repayment for a £200,000 mortgage over 25 years: £819. Total cost per year for 2 years: £9,828.
    • 3 year fixed mortgage interest rate: 1.9%. Example monthly repayment for a £200,000 mortgage over 25 years: £838. Total cost per year for 3 years: £10,056.
    • 5 year fixed mortgage interest rate: 2.1%. Example monthly repayment for a £200,000 mortgage over 25 years: £857. Total cost per year for 5 years: £10,284.
    • 10 year fixed mortgage interest rate: 2.8%. Example monthly repayment for a £200,000 mortgage over 25 years: £928. Total cost per year for 10 years: £11,136.

    Mortgages are complex products: you should read our mortgage guide to learn about all the fees, charges and gotchas to watch out for when comparing mortgages.

    If you're looking for a specific fixed rate mortgage duration, use these pages to compare the best fixed rate mortgages:

    Fixed vs. variable rate mortgages

    The alternative to a fixed rate mortgage is a variable rate mortgage. With variable mortgages, the interest rate – and thus your monthly repayments – could go up or down every month. Here are the most common types of variable rate mortgage:

    • Variable mortgages are based on the bank or building society’s standard variable rate (SVR), which usually follows the Bank of England’s base interest rate. This is the rate your mortgage will revert to once your fixed rate or discount-rate deal has ended and is usually very costly.
    • Tracker mortgages are explicitly linked to the Bank of England (BoE) base rate. A tracker mortgage might have an interest rate of 2%, plus the BoE base rate of 0.75%, for a total of 2.75%. If the base rate goes up by another 0.5% your mortgage’s interest rate would then be 3.25%, and your monthly repayments would increase accordingly.
    • Discount rate mortgages are based on a lender’s SVR, but with a discounted initial period. So, if the discount rate is 2% for two years, you’ll pay 2% less than the lender’s SVR for that amount of time. For example, if the SVR is 5%, you’ll pay 3% – and if the SVR increases to 5.5%, you’ll pay 3.5%. When the discount period ends, you’ll be put on the lender’s SVR.
    • Capped mortgages are variable mortgages with an upper cap to your monthly repayments, providing an element of security in a similar way to fixed rate mortgages. However, unlike fixed rate mortgages, if interest rates go down so do your monthly repayments. This type of mortgage is pretty rare.

    You can use our mortgage comparison tool to compare fixed and variable rate mortgages.

    The cheapest discount rate variable mortgages can offer lower interest rates than the cheapest fixed rate mortgages.

    Should I get a fixed rate mortgage?

    The main advantage of fixed rate mortgages is that you can be sure your monthly repayments will stay the same for the duration of the offer, be it 2, 3, 5 or 10 years. Even if the Bank of England base rate goes up, your interest rate will stay the same, potentially “saving” you thousands of pounds.

    Most first time buyers opt for fixed rate mortgages because it provides security and peace of mind, but the trade-off is that you’re essentially locked into the deal for the fixed period. If the base rate drops, you’re stuck paying the same rate and might “lose” a lot of money versus the tracker and discounted mortgages.

    It’s also important to note that most fixed rate mortgages will penalise you for overpaying too much. And if you don't have a portable mortgage, you can be charged hefty exit fees if you move house.

    If you try to remortgage before the end of the fixed rate period, you will likely be hit by an early repayment charge (ERC) that can cost thousands of pounds.

    Make sure you fully educate yourself, and try to think long-term when making your decision: will your personal and financial situations be the same 2 or 5 years from now?

    Fixed rate mortgage FAQs

    What happens when my fixed rate period ends?

    You’re automatically moved to the lender’s SVR, which will likely be a lot higher than your fixed rate (currently around 5%). Your monthly repayments will increase accordingly.

    Can I pay off my fixed rate mortgage early?

    You can, but be sure to check the details of your mortgage: most lenders will levy an early repayment charge (ERC) if you switch to another lender during your fixed rate period. The ERC can be thousands of pounds on a big mortgage.

    Some fixed rate mortgages let you overpay a certain amount per year (usually up to 10%) without charging an ERC.

    How long can I fix my mortgage rate for?

    Most lenders will offer fixed rate mortgages for 2, 3, 5 and 10 years.

    There are currently no 1 year fixed rate mortgages, or anything longer than 10 years.

    The longer the fixed rate mortgage, the higher the interest rate will be. So the mortgage repayments will be less with a 2 year fix than with a 5 year fix.

    Can I move house with a fixed rate mortgage?

    Yes, you can take your mortgage with you when you move house - but only if you have a portable mortgage. Most mortgages today are portable mortgages.

    You may still have to pay valuation, conveyancy and home survey fees - but you won't have to pay an early repayment charge (ERC) which can be very expensive.

    What's the difference between mortgage term and product term?

    The mortgage term is the total amount of time that it will take to repay the complete mortgage debt. After the mortgage term you will own your property outright. The mortgage term is usually between 25 and 40 years.

    The product term, also known as the promotional period or fixed term, is a shorter period of time where the mortgage lender usually offers you a reduced introductory interest rate. Most mortgages have a product term of between 2 and 5 years.

    At the end of the product term, you can remortgage to a new deal to keep your interest rate low.

    Is the lowest fixed rate always the best?

    No. The interest rate is the most important factor when working out the cost of a mortgage, but there are other costs that you must consider.

    Arrangement, booking, and setup fees can cost thousands of pounds. Do the maths and work out whether a lower interest rate is really cheaper after you include all the fees.

    If you regularly remortgage every couple of years, those fees can become a significant cost, especially if you add them onto your mortgage debt and start paying interest on them.

    Compare other types of mortgage

    Edited by: Sarah Guershon

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    Last updated: 18 July, 2019

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