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Fixed-rate mortgages
Sam covers personal finance topics, from the best savings rates to the reasons mortgage lenders say no. He enjoys crunching the numbers to help consumers get ahead.
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What is a fixed-rate mortgage?
A fixed-rate mortgage is a mortgage where your interest rate is guaranteed to stay the same for a set period of time.
This can offer peace of mind because, unlike a variable-rate mortgage (such as a discount or tracker), you'll know exactly how much you need to repay each month during this period.
Fixed-rate mortgages are by far the most common type of home loan, with most borrowers choosing fixed periods of two or five years.
Top two-year fixed-rate mortgages
| 60% | RECOMMENDED PROVIDER Nationwide Building Society | 78% | 4.09% | £1499 | 7.24% |
| 75% | Barclays | 68% | 4.25% | £899 | 6.49% |
| 90% | Barclays | 68% | 4.74% | £899 | 6.49% |
Table notes: Data from Moneyfacts, correct as of 14 March 2025. Customer scores are based on a survey of 3,556 members of the public in August-September 2024 and combine overall satisfaction with likelihood to recommend the provider. The average customer score is 70%. To become a Which? Recommended Provider a lender must get a top customer score, consistently offer competitive deals and be fully covered by the Financial Conduct Authority banking standards regime. 'Revert rate' is the standard variable rate (SVR), which is the mortgage rate you'd be transferred onto when your deal ended if it remained unchanged between now and then.
Top five-year fixed-rate mortgages
| 60% | Barclays | 68% | 4.06% | £899 | 6.49% |
| 75% | Barclays | 68% | 4.19% | £899 | 6.49% |
| 90% | HSBC | 70% | 4.61% | £999 | 6.74% |
Table notes: Data from Moneyfacts, correct as of 14 March 2025. Customer scores are based on a survey of 3,556 members of the public in August-September 2024 and combine overall satisfaction with likelihood to recommend the provider. The average customer score is 70%. To become a Which? Recommended Provider a lender must get a top customer score, consistently offer competitive deals and be fully covered by the Financial Conduct Authority banking standards regime. 'Revert rate' is the standard variable rate (SVR), which is the mortgage rate you'd be transferred onto when your deal ended if it remained unchanged between now and then.
How long can you fix the interest rate for?
You can currently fix your mortgage rate for one, two, three, five, seven, 10 or 15 years, though one-year and 15-year fixes are rare.
Generally speaking, the longer your fixed-rate period lasts, the higher the interest rate will be.
This is because it is harder for a mortgage lender to predict what will happen in the market over a longer period - so you're essentially paying for the security of knowing that your rate won't go up no matter what happens.
15-year fixed-rate mortgages
When we last checked in March, only one lender offered 15-year mortgages, April Mortgages.
Unfortunately, we do not have a customer score for April Mortgages. The provider sits outside the largest 75 mortgage lenders in the UK, according to UK Finance.
Rates currently range from 5.45% to just below 6%, depending on the loan-to-value.
- Find out more: best mortgage rates
Should you get a two-year or five-year fixed-rate mortgage?
The vast majority of fixed-rate mortgages are either two-year or five-year deals.
Two-year fixes provide the greatest freedom. They're most suitable for borrowers who want to actively manage their mortgage and regularly switch deal, or those who are considering moving home in the near future.
Five-year deals protect your mortgage rate for longer, but are typically more expensive. The prospect of locking in a low rate for five years can be attractive, but you'll need to think about whether you really want to commit to a deal for that long.
If you need to pay off your mortgage while you're in a fixed period (for example if you want to move house or remortgage), this can be very expensive as you'll generally need to pay an early repayment charge (ERC).
We recommend that you take advice from an independent mortgage adviser if you're unsure how long to fix for.
- Find out more: do I need a life insurance policy to take out a mortgage?
Fees and charges on fixed-rate deals
Choosing a fixed-rate mortgage isn't all about the term and interest rate.
When comparing deals, you should also look closely at their up-front fees, ERCs, and whether you can make overpayments without facing a penalty.
Up-front fees
Fixed-rate mortgages usually come with an up-front fee. Depending on your lender, this might be called a product fee, arrangement fee or completion fee.
Fees of around £999 are common, though some deals charge as much as £1,499 or even £1,999.
Fee-free deals are available, but tend to come with slightly higher rates. In some instances, a fee-free deal with a higher rate can work out cheaper over the fixed term.
Early repayment charges (ERCs)
ERCs on fixed-rate mortgages are charged as a percentage of the outstanding balance.
ERCs on five-year fixes often start at around 5% of the balance in the first year, before reducing by 1% each year thereafter.
This means the ERC structure on a £200,000 mortgage might be as follows:
| Year | Early repayment charge | Charge on £200,000 mortgage |
|---|---|---|
| 1 | 5% | £10,000 |
| 2 | 4% | £8,000 |
| 3 | 3% | £6,000 |
| 4 | 2% | £4,000 |
| 5 | 1% | £2,000 |
These charges mean that if you're likely to be moving house within the next five years, you might want to consider a shorter-term fixed-rate deal or a five-year product with no (or low) ERCs.
Some mortgages are portable, meaning you can take them to another property. There's no guarantee, however, that the mortgage you've got on your current home will be the most suitable one for your next property.
Find the right mortgage product using the service provided by L&C Mortgages.
Overpayments
Most fixed-rate mortgages allow you to overpay up to 10% of the balance each year, either in regular overpayments or on an ad-hoc basis.
If you overpay more than this amount in a 12-month period, you may need to pay an ERC.
You can get an idea of how much you can save in interest by using our mortgage overpayment calculator.
What happens when the fixed period ends?
When your fixed-rate period comes to an end, your lender will transfer you onto a standard-variable-rate (SVR) mortgage. Every lender sets its own SVR and this can change by any amount at any time. SVRs tend to be significantly more expensive than fixed rates.
For this reason it's important to remortgage to a new deal, either with your lender or another provider, before you get transferred onto the SVR. You can arrange this up to six months before your fixed period is due to end.
- Find out more: mortgage types explained