{"id":152091,"date":"2018-12-11T16:38:41","date_gmt":"2018-12-11T16:38:41","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?p=152091"},"modified":"2026-02-18T09:14:41","modified_gmt":"2026-02-18T09:14:41","slug":"fixed-rate-mortgages","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/mortgages\/fixed-rate-mortgages","title":{"rendered":"Compare the best fixed-rate mortgages UK"},"content":{"rendered":"<p>Whether you\u2019re buying your first home or remortgaging, it\u2019s important to understand how fixed-rate mortgages work and whether they are right for you.<\/p><p id=\"ukfhl_main_options\">We've teamed up with L&amp;C Mortgages to help you compare live rates from over 80 lenders.<\/p>\n<div class=\"text-xxx-large u-font--bold has-margin-bottom-xsmall\">I want to...<\/div>\n<div class=\"u-grid\">\n<div class=\"u-grid__col u-1\/2@s\">\n<article class=\"luna-card luna-card--shadow\">\n<div class=\"luna-card__block\"><svg class=\"luna-icon--medium has-margin-right-xsmall\" style=\"margin-bottom: -8px;\"><use xlink:href=\"#icon-first-buyer\"><\/use><\/svg><a target=\"_blank\" rel=\"sponsored\" href=\"https:\/\/www.finder.com\/redirect\/uk\/mortgages\/landc-first-time-buyer-uk-secure.html?nb=1&amp;src_country=uk&amp;redirect_tracking_params=%7B%22placement_type%22%3A%22product_link%22%2C%22title%22%3A%22Buy%2Bmy%2Bfirst%2Bhome%22%2C%22site%22%3A%22UKFHL%22%2C%22class%22%3A%22luna-card__title%22%2C%22offer_id%22%3A%223781%22%2C%22niche_code%22%3A%22UKFHL%22%2C%22product_id%22%3A%227886fbfd-9ae1-43e8-83ea-f9483f00b5ce%22%2C%22product_name%22%3A%22L%255BAMPERSAND%255DC%2BFirst%2Btime%2Bbuyer%22%2C%22provider_id%22%3A%2210be2346-8376-46f8-bd3d-44a34c873d67%22%2C%22provider_name%22%3A%22L%255BAMPERSAND%255DC%22%2C%22post_id%22%3A%22152091%22%2C%22post_path%22%3A%22mortgages%252Ffixed-rate-mortgages%22%2C%22post_country%22%3A%22uk%22%2C%22partial%22%3A%7B%22id%22%3A536938%2C%22name%22%3A%22ukfhl_main_options%22%2C%22country%22%3A%22uk%22%7D%7D\" class=\"luna-card__title\">Buy my first home<\/a><\/div>\n<\/article>\n<\/div>\n<div class=\"u-grid__col u-1\/2@s\">\n<article class=\"luna-card luna-card--shadow\">\n<div class=\"luna-card__block\"><svg class=\"luna-icon--medium has-margin-right-xsmall\" style=\"margin-bottom: -8px;\"><use xlink:href=\"#icon-location\"><\/use><\/svg><a target=\"_blank\" rel=\"sponsored\" href=\"https:\/\/www.finder.com\/redirect\/uk\/mortgages\/landc-first-time-buyer-uk-secure.html?nb=1&amp;src_country=uk&amp;redirect_tracking_params=%7B%22placement_type%22%3A%22product_link%22%2C%22title%22%3A%22Move%2Bhouse%22%2C%22site%22%3A%22UKFHL%22%2C%22class%22%3A%22luna-card__title%22%2C%22offer_id%22%3A%223781%22%2C%22niche_code%22%3A%22UKFHL%22%2C%22product_id%22%3A%227886fbfd-9ae1-43e8-83ea-f9483f00b5ce%22%2C%22product_name%22%3A%22L%255BAMPERSAND%255DC%2BFirst%2Btime%2Bbuyer%22%2C%22provider_id%22%3A%2210be2346-8376-46f8-bd3d-44a34c873d67%22%2C%22provider_name%22%3A%22L%255BAMPERSAND%255DC%22%2C%22post_id%22%3A%22152091%22%2C%22post_path%22%3A%22mortgages%252Ffixed-rate-mortgages%22%2C%22post_country%22%3A%22uk%22%2C%22partial%22%3A%7B%22id%22%3A536938%2C%22name%22%3A%22ukfhl_main_options%22%2C%22country%22%3A%22uk%22%7D%7D\" class=\"luna-card__title\">Move house<\/a><\/div>\n<\/article>\n<\/div>\n<div class=\"u-grid__col u-1\/2@s\">\n<article class=\"luna-card luna-card--shadow\">\n<div class=\"luna-card__block\"><svg class=\"luna-icon--medium has-margin-right-xsmall\" style=\"margin-bottom: -8px;\"><use xlink:href=\"#icon-short-loans-solid\"><\/use><\/svg><a target=\"_blank\" rel=\"sponsored\" href=\"https:\/\/www.finder.com\/redirect\/uk\/mortgages\/landc-first-time-buyer-uk-secure.html?nb=1&amp;src_country=uk&amp;redirect_tracking_params=%7B%22placement_type%22%3A%22product_link%22%2C%22title%22%3A%22Remortgage%2B%255BAMPERSAND%255D%2Bsave%22%2C%22site%22%3A%22UKFHL%22%2C%22class%22%3A%22luna-card__title%22%2C%22offer_id%22%3A%223781%22%2C%22niche_code%22%3A%22UKFHL%22%2C%22product_id%22%3A%227886fbfd-9ae1-43e8-83ea-f9483f00b5ce%22%2C%22product_name%22%3A%22L%255BAMPERSAND%255DC%2BFirst%2Btime%2Bbuyer%22%2C%22provider_id%22%3A%2210be2346-8376-46f8-bd3d-44a34c873d67%22%2C%22provider_name%22%3A%22L%255BAMPERSAND%255DC%22%2C%22post_id%22%3A%22152091%22%2C%22post_path%22%3A%22mortgages%252Ffixed-rate-mortgages%22%2C%22post_country%22%3A%22uk%22%2C%22partial%22%3A%7B%22id%22%3A536938%2C%22name%22%3A%22ukfhl_main_options%22%2C%22country%22%3A%22uk%22%7D%7D\" class=\"luna-card__title\">Remortgage &amp; save<\/a><\/div>\n<\/article>\n<\/div>\n<div class=\"u-grid__col u-1\/2@s\">\n<article class=\"luna-card luna-card--shadow\">\n<div class=\"luna-card__block\"><svg class=\"luna-icon--medium has-margin-right-xsmall\" style=\"margin-bottom: -8px;\"><use xlink:href=\"#icon-exclusive-deals-solid\"><\/use><\/svg><a target=\"_blank\" rel=\"sponsored\" href=\"https:\/\/www.finder.com\/redirect\/uk\/mortgages\/landc-first-time-buyer-uk-secure.html?nb=1&amp;src_country=uk&amp;redirect_tracking_params=%7B%22placement_type%22%3A%22product_link%22%2C%22title%22%3A%22Buy%2Bto%2Blet%22%2C%22site%22%3A%22UKFHL%22%2C%22class%22%3A%22luna-card__title%22%2C%22offer_id%22%3A%223781%22%2C%22niche_code%22%3A%22UKFHL%22%2C%22product_id%22%3A%227886fbfd-9ae1-43e8-83ea-f9483f00b5ce%22%2C%22product_name%22%3A%22L%255BAMPERSAND%255DC%2BFirst%2Btime%2Bbuyer%22%2C%22provider_id%22%3A%2210be2346-8376-46f8-bd3d-44a34c873d67%22%2C%22provider_name%22%3A%22L%255BAMPERSAND%255DC%22%2C%22post_id%22%3A%22152091%22%2C%22post_path%22%3A%22mortgages%252Ffixed-rate-mortgages%22%2C%22post_country%22%3A%22uk%22%2C%22partial%22%3A%7B%22id%22%3A536938%2C%22name%22%3A%22ukfhl_main_options%22%2C%22country%22%3A%22uk%22%7D%7D\" class=\"luna-card__title\">Buy to let<\/a><\/div>\n<\/article>\n<\/div>\n<\/div>\n<div class=\"text-center\">We compare brands including:<\/div>\n\n<div class=\"u-grid u-grid--alignCenter no-margin-left no-margin-right has-margin-bottom\">\n<div style=\"width: 10%; min-width: 102px; display: inline-block;\">\n<div class=\"has-padding-top-small has-padding-right-small has-padding-left-small fndrfd\">\n<img decoding=\"async\" src=\"https:\/\/www.finder.com\/niche-builder\/5de6624f3b067.png\" alt=\"Post Office Money\u00ae logo\" srcset=\"https:\/\/www.finder.com\/niche-builder\/5de6624f3b067.png?fit=180 180w, https:\/\/www.finder.com\/niche-builder\/5de6624f3b067.png?fit=360 360w, https:\/\/www.finder.com\/niche-builder\/5de6624f3b067.png?fit=600 600w, https:\/\/www.finder.com\/niche-builder\/5de6624f3b067.png?fit=900 900w, https:\/\/www.finder.com\/niche-builder\/5de6624f3b067.png?fit=1200 1200w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" loading=\"lazy\">\n<\/div>\n<\/div>\n<div style=\"width: 10%; min-width: 102px; display: inline-block;\">\n<div class=\"has-padding-top-small has-padding-right-small has-padding-left-small fndrfd\">\n<img decoding=\"async\" src=\"https:\/\/www.finder.com\/niche-builder\/5de653c442a65.png\" alt=\"NatWest logo\" srcset=\"https:\/\/www.finder.com\/niche-builder\/5de653c442a65.png?fit=180 180w, https:\/\/www.finder.com\/niche-builder\/5de653c442a65.png?fit=360 360w, https:\/\/www.finder.com\/niche-builder\/5de653c442a65.png?fit=600 600w, https:\/\/www.finder.com\/niche-builder\/5de653c442a65.png?fit=900 900w, https:\/\/www.finder.com\/niche-builder\/5de653c442a65.png?fit=1200 1200w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" loading=\"lazy\">\n<\/div>\n<\/div>\n<div style=\"width: 10%; min-width: 102px; display: inline-block;\">\n<div class=\"has-padding-top-small has-padding-right-small has-padding-left-small fndrfd\">\n<img decoding=\"async\" src=\"https:\/\/www.finder.com\/niche-builder\/5de641ff3aac8.png\" alt=\"Halifax logo\" srcset=\"https:\/\/www.finder.com\/niche-builder\/5de641ff3aac8.png?fit=180 180w, https:\/\/www.finder.com\/niche-builder\/5de641ff3aac8.png?fit=360 360w, https:\/\/www.finder.com\/niche-builder\/5de641ff3aac8.png?fit=600 600w, https:\/\/www.finder.com\/niche-builder\/5de641ff3aac8.png?fit=900 900w, https:\/\/www.finder.com\/niche-builder\/5de641ff3aac8.png?fit=1200 1200w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" loading=\"lazy\">\n<\/div>\n<\/div>\n<div style=\"width: 10%; min-width: 102px; display: inline-block;\">\n<div class=\"has-padding-top-small has-padding-right-small has-padding-left-small fndrfd\">\n<img decoding=\"async\" src=\"https:\/\/www.finder.com\/niche-builder\/60f065a491297.png\" alt=\"HSBC logo\" srcset=\"https:\/\/www.finder.com\/niche-builder\/60f065a491297.png?fit=180 180w, https:\/\/www.finder.com\/niche-builder\/60f065a491297.png?fit=360 360w, https:\/\/www.finder.com\/niche-builder\/60f065a491297.png?fit=600 600w, https:\/\/www.finder.com\/niche-builder\/60f065a491297.png?fit=900 900w, https:\/\/www.finder.com\/niche-builder\/60f065a491297.png?fit=1200 1200w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" loading=\"lazy\">\n<\/div>\n<\/div>\n<div style=\"width: 10%; min-width: 102px; display: inline-block;\">\n<div class=\"has-padding-top-small has-padding-right-small has-padding-left-small fndrfd\">\n<img decoding=\"async\" src=\"https:\/\/www.finder.com\/niche-builder\/60e2c994507a5.png\" alt=\"Barclays Mortgages logo\" srcset=\"https:\/\/www.finder.com\/niche-builder\/60e2c994507a5.png?fit=180 180w, https:\/\/www.finder.com\/niche-builder\/60e2c994507a5.png?fit=360 360w, https:\/\/www.finder.com\/niche-builder\/60e2c994507a5.png?fit=600 600w, https:\/\/www.finder.com\/niche-builder\/60e2c994507a5.png?fit=900 900w, https:\/\/www.finder.com\/niche-builder\/60e2c994507a5.png?fit=1200 1200w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" loading=\"lazy\">\n<\/div>\n<\/div>\n<div style=\"width: 10%; min-width: 102px; display: inline-block;\">\n<div class=\"has-padding-top-small has-padding-right-small has-padding-left-small fndrfd\">\n<img decoding=\"async\" src=\"https:\/\/www.finder.com\/niche-builder\/5de7e63cbedd0.png\" alt=\"Molo Finance logo\" srcset=\"https:\/\/www.finder.com\/niche-builder\/5de7e63cbedd0.png?fit=180 180w, https:\/\/www.finder.com\/niche-builder\/5de7e63cbedd0.png?fit=360 360w, https:\/\/www.finder.com\/niche-builder\/5de7e63cbedd0.png?fit=600 600w, https:\/\/www.finder.com\/niche-builder\/5de7e63cbedd0.png?fit=900 900w, https:\/\/www.finder.com\/niche-builder\/5de7e63cbedd0.png?fit=1200 1200w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" loading=\"lazy\">\n<\/div>\n<\/div>\n<div style=\"width: 10%; min-width: 102px; display: inline-block;\">\n<div class=\"has-padding-top-small has-padding-right-small has-padding-left-small fndrfd\">\n<img decoding=\"async\" src=\"https:\/\/www.finder.com\/niche-builder\/5de66a391e5dd.png\" alt=\"Skipton BS logo\" srcset=\"https:\/\/www.finder.com\/niche-builder\/5de66a391e5dd.png?fit=180 180w, https:\/\/www.finder.com\/niche-builder\/5de66a391e5dd.png?fit=360 360w, https:\/\/www.finder.com\/niche-builder\/5de66a391e5dd.png?fit=600 600w, https:\/\/www.finder.com\/niche-builder\/5de66a391e5dd.png?fit=900 900w, https:\/\/www.finder.com\/niche-builder\/5de66a391e5dd.png?fit=1200 1200w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" loading=\"lazy\">\n<\/div>\n<\/div>\n<div style=\"width: 10%; min-width: 102px; display: inline-block;\">\n<div class=\"has-padding-top-small has-padding-right-small has-padding-left-small fndrfd\">\n<img decoding=\"async\" src=\"https:\/\/www.finder.com\/niche-builder\/5de7e3c170280.png\" alt=\"TSB logo\" srcset=\"https:\/\/www.finder.com\/niche-builder\/5de7e3c170280.png?fit=180 180w, https:\/\/www.finder.com\/niche-builder\/5de7e3c170280.png?fit=360 360w, https:\/\/www.finder.com\/niche-builder\/5de7e3c170280.png?fit=600 600w, https:\/\/www.finder.com\/niche-builder\/5de7e3c170280.png?fit=900 900w, https:\/\/www.finder.com\/niche-builder\/5de7e3c170280.png?fit=1200 1200w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" loading=\"lazy\">\n<\/div>\n<\/div>\n<\/div>\n\n<article class=\"luna-card luna-card--alt\"><div class=\"luna-card__block has-padding-small\">Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.<\/div><\/article><style>\r\n.gx-badge .popover-content { line-height: 19.5px; }\r\n@media screen and (max-width: 600px) {\r\n.uk-hero-rates ul { margin-left: auto !important; margin-right: auto !important; width: fit-content; }\r\n.uk-hero-rates .text-xxx-large { text-align: center; }\r\n.applylinks .luna-button--success { margin-top: 12px; }\r\n}\r\n<\/style>\r\n<article id=\"ukfeatureproduct\" class=\"luna-card luna-card--border uk-hero-rates\" style=\"max-width: 897px; margin: 0px auto 24px;\">\r\n\r\n<footer class=\"hero-rates__disclaimer-popup disclaimer_popup-with-text has-padding-xsmall no-padding-bottom\">\r\n<span class=\"disclaimer_popup--text\">Promoted<\/span>\r\n<a class=\"disclaimer_popup disclaimer_title_empty\" data-target=\"#disclaimer_popup\" data-toggle=\"modal\" href=\"#\" aria-label=\"Learn more about what Promoted means on Finder\">\r\n<svg class=\"luna-icon luna-icon--small luna-icon--primary\">\r\n<use xlink:href=\"#info-circle\"><\/use>\r\n<\/svg>\r\n<\/a>\r\n<\/footer>\r\n\r\n<div class=\"luna-card__block no-padding-top\" style=\"border: 0px;\">\r\n<div class=\"u-grid u-grid--alignMiddle\">\r\n<div class=\"u-grid__col u-1\/4@s text-center\"><a href=\"https:\/\/www.finder.com\/redirect\/uk\/mortgages\/landc-general-mortgage-queries-uk-secure.html?nb=1&amp;src_country=uk&amp;redirect_tracking_params=%7B%22placement_type%22%3A%22nb-product%22%2C%22product_id%22%3A%22064983ae-f801-49ac-990b-1bc452f71e23%22%2C%22product_name%22%3A%22L%255BAMPERSAND%255DC%2BGeneral%2Bmortgage%2Bqueries%22%2C%22offer_id%22%3A%223781%22%2C%22decorator%22%3A%22GLOBAL.PRODUCT.UK_COMPACT_HERO_CONTENT%22%2C%22niche_code%22%3A%22UKFHL%22%2C%22post_id%22%3A%22152091%22%2C%22post_path%22%3A%22mortgages%252Ffixed-rate-mortgages%22%2C%22post_country%22%3A%22uk%22%7D\" rel=\"sponsored\" target=\"new\"><img decoding=\"async\" src=\"https:\/\/www.finder.com\/niche-builder\/5df755de81828.png\" alt=\"L&amp;C General mortgage queries\" class=\"has-margin-bottom-xsmall has-padding-small no-padding-top has-margin-top-small\" style=\"width: 168px; min-width: 120px; max-height: 140px;\" srcset=\"https:\/\/www.finder.com\/niche-builder\/5df755de81828.png?fit=180 180w, https:\/\/www.finder.com\/niche-builder\/5df755de81828.png?fit=360 360w, https:\/\/www.finder.com\/niche-builder\/5df755de81828.png?fit=504 504w\" sizes=\"(max-width: 504px) 100vw, 504px\" loading=\"lazy\"><\/a><\/div>\r\n<div class=\"u-grid__col u-1\/2@s\" style=\"margin-top: -5px;\">\r\n<div class=\"has-margin-bottom-xsmall text-xxx-large weight-normal\">Compare rates from 80+ lenders<\/div>\r\n\r\n\r\n<ul class=\"list-1 no-margin-left\">\r\n\r\n\r\n\r\n<li>The UK's largest fee-free broker<\/li>\r\n\r\n<li>No need for a credit check<\/li>\r\n\r\n<li>Support through the whole process<\/li>\r\n\r\n\r\n\r\n<\/ul>\r\n\r\n\r\n<\/div>\r\n<div class=\"applylinks u-grid__col u-1\/4@s text-center\"><a href=\"https:\/\/www.finder.com\/redirect\/uk\/mortgages\/landc-general-mortgage-queries-uk-secure.html?nb=1&amp;src_country=uk&amp;redirect_tracking_params=%7B%22placement_type%22%3A%22nb-product%22%2C%22product_id%22%3A%22064983ae-f801-49ac-990b-1bc452f71e23%22%2C%22product_name%22%3A%22L%255BAMPERSAND%255DC%2BGeneral%2Bmortgage%2Bqueries%22%2C%22offer_id%22%3A%223781%22%2C%22decorator%22%3A%22GLOBAL.PRODUCT.UK_COMPACT_HERO_CONTENT%22%2C%22niche_code%22%3A%22UKFHL%22%2C%22post_id%22%3A%22152091%22%2C%22post_path%22%3A%22mortgages%252Ffixed-rate-mortgages%22%2C%22post_country%22%3A%22uk%22%7D\" rel=\"sponsored\" target=\"new\" class=\"luna-button luna-button--large luna-button--success luna-button\">Compare now<\/a>\r\n\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n\r\n<\/article><h3>What is a fixed-rate mortgage?<\/h3><p>A fixed-rate mortgage has an interest rate that stays the same for an agreed period. The fixed period is typically between <a href=\"https:\/\/www.finder.com\/uk\/mortgages\/2-year-fixed-rate-mortgages\">2<\/a>, <a href=\"https:\/\/www.finder.com\/uk\/mortgages\/3-year-fixed-rate-mortgages\">3<\/a> and <a href=\"https:\/\/www.finder.com\/uk\/mortgages\/5-year-fixed-rate-mortgages\">5<\/a> years, although some lenders may go up to <a href=\"https:\/\/www.finder.com\/uk\/mortgages\/10-year-fixed-rate-mortgages\">10<\/a> or <a href=\"https:\/\/www.finder.com\/uk\/mortgages\/15-year-fixed-rate-mortgages\">15 years<\/a>.<\/p><p>If you like peace of mind knowing your monthly repayment amount won\u2019t change for the duration of your deal, a fixed-rate mortgage might be right for you.<\/p><div itemscope itemtype=\"https:\/\/schema.org\/FAQPage\"><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><h3 itemprop=\"name\" id=\"benefit\">How does a fixed rate benefit borrowers?<\/h3><div itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\"><p>A fixed-rate mortgage benefits those who want to budget with confidence and don\u2019t want their repayments to rise due to higher interest rates. These include first-time buyers adapting to the routine of making regular repayments and investors wanting to ensure their cash flow isn\u2019t affected by rising interest rates.<\/p><p>If you\u2019re lucky enough to fix your rate at the bottom of the market, you can reap the benefit of a secure and competitive rate when the rest of the market bears the risk of higher interest rates.<\/p><\/div><\/div><\/div><article class=\"luna-card luna-card--primary\">\n<div class=\"luna-card__block\">\n<h4 class=\"luna-card__title luna-card__title--small\">Example: First-time buyer scenario<\/h4>\n<p>Phoebe and her husband have decided to purchase a property in Bristol. After speaking with a local mortgage broker, Phoebe learns she needs to borrow \u00a3300,000 to complete the purchase.<\/p><p>After comparing different mortgages recommended by her broker, Phoebe is torn about whether they should opt for a fixed-rate or a variable-rate mortgage. Phoebe knows that she and her husband anticipate having children in the near future, and she is concerned about how they would manage their repayments if interest rates rose.<\/p><p>While she is drawn to the competitive features offered with a particular variable-rate mortgage, such as a 100% offset account and the ability to make additional repayments without penalty, Phoebe believes that the certainty and security of a fixed-rate mortgage will better suit their lifestyle.<\/p><p>She decides to lock in a competitive rate of 3.99% over a 5-year term.<\/p>\n<p><small><strong>* This is a fictional, but realistic, example.<\/strong><\/small><\/p>\n<\/div>\n<\/article>\n\n\n\n<h3>Who is eligible for a fixed-rate mortgage?<\/h3><p>As with all types of credit, you can only apply for a mortgage if you\u2019re at least 18 years old. There are no specific eligibility criteria for a fixed-rate mortgage compared to other mortgage types. But you\u2019re more likely to be accepted if:<\/p><ul class=\"list-1\"><li>You have a deposit of at least 5% to 10% of the property\u2019s value.<\/li><li>You\u2019re in a stable job with a regular income.<\/li><li>You have a good credit rating.<\/li><li>You have minimal existing debts.<\/li><\/ul><p>When you apply for a mortgage, lenders examine your bank statements and payslips to assess how much you earn each month, as well as your spending habits. They\u2019ll look at how much you spend on regular household bills and other costs to help them determine whether you can afford a mortgage. <\/p><p>The amount you want to borrow is another factor lenders consider. If you\u2019re applying for a fairly large mortgage and your lender believes you would be overstretching yourself financially, you could be turned away.<\/p><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><h3 itemprop=\"name\" id=\"proscons\">How much does a fixed-rate mortgage cost?<\/h3><div itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\"><p>How much a fixed-rate mortgage costs depends on several factors. These include:<\/p><ul><li><strong>The interest rate.<\/strong> This will give you a good indication of how expensive your repayments will be. Keep in mind that the initial rate will only last for a few years, depending on the deal you choose. If you don\u2019t remortgage after this time, you\u2019ll move on to your lender\u2019s standard variable rate (SVR), which will likely be higher.<\/li><li><strong>Arrangement fees.<\/strong> Many mortgages come with an arrangement fee that could be as much as \u00a32,000. In some cases, choosing a mortgage with a higher interest rate and no fee could work out cheaper than a mortgage with a low interest rate but a high fee. To help you decide, calculate the total amount you\u2019ll spend during the introductory term.<\/li><li><strong>Valuation fee.<\/strong> Your lender will want to value the property and ensure it\u2019s worth the amount you want to borrow. You will usually pay a fee for this.<\/li><li><strong>Early repayment charges.<\/strong> If you need to get out of your existing mortgage deal early, you might have to pay a fee. These can range between 1% and 5% of the outstanding mortgage amount and can work out to be expensive.<\/li><\/ul><\/div><\/div><\/div><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><h3 itemprop=\"name\" id=\"proscons\">What are the pros and cons of a fixed-rate mortgage?<\/h3><div itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\"><p>There\u2019s a range of benefits and drawbacks associated with fixed-rate mortgages, and it\u2019s important to weigh them up before deciding what works for you.<\/p><div class=\"fin-pros-cons\">\n            <div class=\"fin-pros-cons__section\">\n            <h4 class=\"fin-pros-cons__heading\">Pros<\/h4>\n            <ul class=\"icon-list icon-list--check-circle\">\n                                    <li><strong>Repayment certainty.<\/strong> Opting for a fixed-rate mortgage offers peace of mind in knowing what your repayments will be. This allows you to budget more effectively as repayments remain the same until the fixed-rate period ends.<\/li>\n                                    <li><strong>Flexible mortgage terms.<\/strong> Fixed-rate mortgages are available from most UK lenders with a variety of terms.<\/li>\n                            <\/ul>\n        <\/div>\n    \n            <div class=\"fin-pros-cons__section\">\n            <h4 class=\"fin-pros-cons__heading\">Cons<\/h4>\n            <ul class=\"icon-list icon-list--x-circle\">\n                                    <li><strong>Limited features.<\/strong> Some fixed-rate mortgages don't have the flexibility of variable-rate mortgages.<\/li>\n                                    <li><strong>Early repayment costs.<\/strong> If you decide to leave a fixed-rate mortgage before the end of the specified term, you\u2019ll typically face high fees.<\/li>\n                                    <li><strong>Lower rates.<\/strong> If the Bank of England slashes the base rate, you could end up with a higher rate than that of variable-rate mortgages on the market.<\/li>\n                            <\/ul>\n        <\/div>\n    <\/div>\n<\/div><\/div><\/div><h4>When is it not a good idea to opt for a fixed rate?<\/h4><p>As interest rates are unpredictable, you shouldn\u2019t take out a fixed-rate mortgage if you are simply trying to beat the market. This should not form the basis of your decision. A fixed interest rate may not be a good idea if you:<\/p><ul><li>Intend to sell your property in the near future.<\/li><li>Want competitive and flexible features.<\/li><li>Are aware that interest rates overall are going to fall.<\/li><\/ul><h3 id=\"scenarios\">Different fixed-rate scenarios<\/h3><p>Let\u2019s look at some different situations to see if a fixed-rate mortgage is suitable.<\/p><h4>I\u2019m planning to move houses soon. Does a fixed-rate mortgage suit me?<\/h4><p>If you\u2019re moving in the next couple of months and your current mortgage deal has finished, it might be worth staying on your lender\u2019s SVR and then taking out a new mortgage on the new property. <\/p><p>If you apply for a fixed-rate mortgage now and move a few months later, you\u2019ll either need to pay a high early repayment fee to get out of your deal early or see whether you can port your mortgage to the new property.<\/p><h4>I\u2019m currently stuck with a fixed-rate mortgage with a high interest rate. Can I remortgage?<\/h4><p>Unfortunately, remortgaging during the fixed term period usually incurs an early repayment charge, which can be expensive. However, if your current interest rate is very high, it could still work out more cost-effective to remortgage to a lower rate, even when you factor in the fee. It can be worth speaking to a mortgage broker to help you decide. <\/p><p>Expert comment: Fixed-rate mortgages can come with high early repayment charges, so it\u2019s important to consider whether you might move in a couple of years before tying yourself into a longer-term fix.<\/p><div class=\"importantText importantText__quote\">\n  <blockquote>\n    <div class=\"importantText__quoteIcon\"><\/div>\n    <p>Fixed-rate mortgages can come with high early repayment charges, so consider whether you might move in a couple of years before tying yourself into a longer-term fix.\u201d<\/p>\n    <footer class=\"importantText__quoteAuthor\">\u2013 <cite>Rachel Wait, personal finance expert<\/cite><\/footer>\n  <\/blockquote>\n<\/div>\n<h3>Alternative borrowing options<\/h3><p>Some of the other mortgage types you could consider are outlined below:<\/p><h4>Tracker mortgages<\/h4><p>A <a href=\"https:\/\/www.finder.com\/uk\/mortgages\/tracker-mortgages\">tracker mortgage<\/a> is a type of variable rate mortgage, which means your interest rate and monthly repayments can go up and down. Tracker mortgages typically track the Bank of England base rate, only slightly higher. <\/p><p>This means that if the base rate goes up, so will your repayments, but if the base rate goes down, your monthly repayments will also drop. If you want to take out a tracker mortgage, check whether you could still afford your repayments if interest rates were to rise.<\/p><p>Tracker mortgage deals typically last 2 or 5 years.<\/p><h4>Offset mortgages<\/h4><p>An <a href=\"https:\/\/www.finder.com\/uk\/mortgages\/offset-mortgages\">offset mortgage<\/a> enables you to link your savings account to your mortgage. Your savings account balance is then offset against the amount you owe on your mortgage each month. This reduces the amount of interest you pay on your mortgage, but you won\u2019t receive interest on your savings.<\/p><p>For example, if you had savings of \u00a350,000 and a mortgage of \u00a3180,000, you could link your accounts and you\u2019d only pay interest on \u00a3130,000. This saving can help you lower your monthly repayments or shorten your mortgage term. <\/p><h4>Green mortgages<\/h4><p>Green mortgages are for those who want to purchase an energy-efficient home or make their own home more environmentally friendly. As an incentive, you might get cashback or a lower interest rate on your mortgage. <\/p><h3>Advice for first-time buyers<\/h3><p>Before buying your first home, it\u2019s important to think about the following:<\/p><ul><li><strong>Save a large deposit if you can.<\/strong> The best mortgage rates are for those with a deposit of at least 40% of the property price. The more you can save, the better.<\/li><li><strong>Check you can afford the monthly repayments.<\/strong> When deciding which mortgage to go for, do the maths to check what your monthly repayments would be and whether you could comfortably afford this.<\/li><li><strong>Budget for other costs.<\/strong> There are many costs involved when buying a home. These include stamp duty, survey fees, removal costs, solicitor or conveyancer fees, buildings insurance and mortgage fees. Make sure you\u2019ve factored these into your budget.<\/li><li><strong>Seek advice.<\/strong> If you\u2019re not sure which mortgage is best for you, it\u2019s worth speaking to a fee-free mortgage broker who can help assess your financial situation and find the most appropriate mortgage deal.<\/li><\/ul><h3>Tips for when your term is coming to an end<\/h3><ul><li>When you take out a fixed-rate mortgage, it\u2019s important to note when the term of that deal will end.<\/li><li>It\u2019s worth exploring your options around 6 months before your deal ends so you\u2019re ready to remortgage to a new deal as soon as your current one ends. This remortgage can be with your current lender or a new one.<\/li><li>Don\u2019t forget to factor in the fees you\u2019ll need to pay on your new mortgage.<\/li><li>Don\u2019t be tempted to stay on your lender\u2019s SVR \u2013 this is the rate you\u2019ll automatically be moved on to when your current deal ends. But interest rates are generally less competitive, and you\u2019ll usually save money by moving to a new deal.<\/li><\/ul><h3>Bottom line<\/h3><p>Ultimately, you might want to consider a fixed-rate mortgage if you have reasons to value the stability and predictability that a fix represents. If, as in the first-time buyer scenario we\u2019ve outlined above, you\u2019re planning to start a family or preparing for other long-term financial commitments, being able to budget more easily may be something you value.<\/p><p>Just make sure you\u2019re aware of the fees that typically accompany fixed-rate mortgages.<\/p><h3 id=\"faq\">Frequently asked questions<\/h3><ul class=\"luna-accordionGroup accordionGroup\"><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000000\" data-toggle=\"collapse\" data-target=\"#accordion0000000000\">\n        <span class=\"luna-accordion__title\">How much will I have to pay if I exit the mortgage early?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000000\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>This depends on the following factors:<\/p><ul><li>How much time you still have left on your term.<\/li><li>The rate you locked in your mortgage for.<\/li><li>Your outstanding mortgage balance.<\/li><\/ul><p>For an accurate fee estimate, contact your lender and ask for a quote.<\/p><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000001\" data-toggle=\"collapse\" data-target=\"#accordion0000000001\">\n        <span class=\"luna-accordion__title\">What's an offset account?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000001\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>An offset account allows you to offset your savings against your mortgage balance and reduce the amount of interest you pay on your mortgage.<\/p><p><a href=\"https:\/\/www.finder.com\/uk\/mortgages\/offset-mortgages\">Learn more about offset mortgages<\/a>.<\/p><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000002\" data-toggle=\"collapse\" data-target=\"#accordion0000000002\">\n        <span class=\"luna-accordion__title\">What fixed terms are usually available in the UK<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000002\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>The most common mortgage terms for fixed rates are 2, 3 and 5 years. Generally, only larger banks offer terms of over 5 years.<\/p><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000003\" data-toggle=\"collapse\" data-target=\"#accordion0000000003\">\n        <span class=\"luna-accordion__title\">Can I make extra repayments on a fixed-rate mortgage?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000003\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>Many fixed-rate mortgages allow you to make additional repayments, but the amount is restricted per year or per term. Some lenders allow you to make as much as 10% of the mortgage balance in extra repayments each year. Making extra repayments towards your mortgage over the set limit will incur fees.<\/p><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000004\" data-toggle=\"collapse\" data-target=\"#accordion0000000004\">\n        <span class=\"luna-accordion__title\">Can I switch between a fixed- and variable-rate mortgage?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000004\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>Many lenders allow you to switch between mortgage rates, although you might have to pay an <a href=\"https:\/\/www.finder.com\/uk\/mortgages\/mortgage-exit-fees\">exit fee<\/a>, just as if you were leaving your lender for another. Be sure to check the terms and conditions carefully.<\/p><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000005\" data-toggle=\"collapse\" data-target=\"#accordion0000000005\">\n        <span class=\"luna-accordion__title\">What happens once my fixed term ends?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000005\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>This depends on your particular lender and mortgage type. Your lender usually notifies you that your mortgage term is going to end and gives you the option to fix for another term or allow your mortgage to revert to a variable rate. Keep tabs on your fixed term and conduct your research before the fixed term ends.<\/p><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000006\" data-toggle=\"collapse\" data-target=\"#accordion0000000006\">\n        <span class=\"luna-accordion__title\">Should I choose a fixed or variable-rate mortgage?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000006\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>This depends on your lifestyle, future goals and attitude to risk. If your budget can\u2019t handle an increase in mortgage repayments in the short term, it may be a good idea to fix the rate. You should also take into account whether you will sell your property during the fixed term. <a href=\"https:\/\/www.finder.com\/uk\/mortgages\/variable-rate-mortgages\">Learn more about variable-rate mortgages<\/a>.<\/p><\/div>\n  <\/div>\n<\/li><\/ul><div id=\"sources\" style=\"position: relative;\"><h3 style=\"position: absolute; width: 1px; height: 1px; padding: 0; margin: -1px; overflow: hidden; clip: rect(0,0,0,0); white-space: nowrap; border: 0;\">Sources<\/h3>\n<div id=\"lazy0000000000\"><\/div>\n<script type=\"application\/json\" id=\"lazyloaded-assets-json-lazy0000000000\" class=\"lazyloaded-assets-json\">{\"critical-scripts\":[],\"scripts\":[\"https:\\\/\\\/www.finder.com\\\/parent-theme\\\/shortcodes\\\/article-source\\\/prod\\\/article-source.de087a0da9824e407767.js\"],\"styles\":[\"https:\\\/\\\/www.finder.com\\\/parent-theme\\\/shortcodes\\\/article-source\\\/prod\\\/article-source.87684078d471e76125dd.css\"]}<\/script><\/div><article class=\"luna-card luna-card--alt\"><div class=\"luna-card__block has-padding-small\"><strong>Representative example <\/strong><br>A mortgage of \u00a3230,537 payable over 23 years, initially on a fixed rate until 31\/01\/28 at 3.99% and then on a variable rate of 6.49% for the remaining 21 years would require 24 payments of \u00a31,277.66 followed by 252 payments of \u00a31,585.00. The total amount payable would be \u00a3430,099 made up of the loan amount plus interest (\u00a3199,547) and fees (\u00a315). The overall cost for comparison is 6.1% APRC representative.<\/div><\/article><article class=\"luna-card luna-card--alt\"><div class=\"luna-card__block has-padding-small\">We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms \"best\", \"top\", \"cheap\" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our <a href=\"https:\/\/www.finder.com\/uk\/terms-of-use\" class=\"fin-text-navy\">terms of use<\/a>. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables is provided by Defaqto. In other cases, Finder has sourced data directly from providers.<\/div><\/article><\/div>","protected":false},"excerpt":{"rendered":"<p>Find out how you can benefit from a fixed-rate mortgage.<\/p>\n","protected":false},"author":1047,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[1023],"tags":[],"asset_tag":[],"class_list":["post-152091","post","type-post","status-publish","format-standard","hentry","category-mortgages"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Compare the best fixed-rate mortgages UK - Finder UK<\/title>\n<meta name=\"description\" content=\"Choose from 2-, 3- and 5-year fixed mortgages and compare rates and repayment costs. 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