Fixed rate

When your mortgage first begins there will be a period, usually lasting two or five years, where you can choose to ‘fix’ your rate. This means the rate of interest you are paying will not change during that time, even if the Bank of England base rate (against which lenders set their interest rates) changes.

You may feel that having a fixed rate can give you peace of mind and more security about the amount you’ll pay during the first few years of your mortgage.