Fixed rate mortgages are set at an agreed rate for a period of time, usually 2, 3 or 5 years. The rate will remain the same regardless of whether the Bank of England bank rate goes up or down.

This means that your monthly mortgage payments can be more easily budgeted for. Our mortgage advisers will complete research on your behalf to save you time and will provide you with no obligation mortgage quotes. We are whole of market advisers which means that we will recommend the most suitable fixed rate mortgage deal for your personal circumstances.

Is a fixed rate mortgage suitable for me?

A fixed rate mortgage, as its name suggests, charges a fixed rate of interest for a set period of time – usually two, three, four or five years although some lenders will offer longer fixed rate deals.

At the end of the fixed rate the mortgage lender usually moves your mortgage onto their standard variable rate (SVR). The SVR is not a fixed rate which means that your mortgage payments will fluctuate in line with changes in the lender's mortgage rate

Mortgage lenders usually charge a fee to secure a fixed rate mortgage - the amount of this fee will vary from lender to lender

Unlike a tracker mortgage rate which will go up (and down) with changes to the Bank of England base rate, a fixed rate mortgage allows you to budget effectively as you will know exactly what your monthly mortgage repayment will be during the fixed rate period.

Disadvantages of Fixed rate mortgages

Fixed rate mortgages may be more expensive than other types. If interest rates go down your mortgage will stay the same meaning that you wont benefit from lower interest rates. You are usually tied into the deal for the duration of the fixed rate and you will be charged an early repayment charge (usually a percentage of the total loan) if you pay off the mortgage early or move to another lender.

Fixed rate mortgages are available if you are

  • First time buyers

  • Buying a new home

  • Switching your mortgage on your existing home