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Fixed rate mortgage
Moving home or looking for a new mortgage deal? Explore our fixed mortgage deals to see how it could help you manage your money.
What is a fixed rate mortgage?
A fixed rate mortgage is where the interest rate stays the same for the length of your deal. A fixed rate gives you a good idea of how much you’ll put towards your mortgage each month.
This is unlike other types of mortgage, such as a tracker mortgage, where interest rates can change during your deal. A fixed rate means your interest rate won’t be affected if the Bank of England base rate changes.
How long do our fixed rate mortgages last?
You can usually fix the rate on your mortgage for between two and five years at a time. Although you may be able to get a fixed rate mortgage for longer, too. Take a closer look at your options:
What happens when my fixed rate ends?
Once your fixed rate deal ends, you’ll automatically move to the standard variable rate (SVR). This rate is set by your lender and could change regularly throughout your mortgage term – either up or down.
The standard variable rate isn’t usually the cheapest way to repay, but there is another option. Before your fixed rate ends, you could look at options to switch to a new deal with your current lender or remortgage to a new one. That way, you could get a new fixed rate mortgage deal that works for you.
Should I get a fixed rate mortgage?
Advantages of fixed rate mortgages
- Enjoy more stability
You’ll have a good idea of how much your monthly repayments will be each month, which can be handy for managing your money. - Secure your deal for longer
You can pick a short or long fixed term to suit your plans. - If interest rates go up, you can relax
A fixed rate means your rate will stay the same, even if the Bank of England base rate rises.
Disadvantages of fixed rate mortgages
- If interest rates go down, you won’t take advantage of lower rates.
- You usually can’t exit a fixed term mortgage early without paying an early repayment charge (ERC). This can be costly if you still owe a lot on your mortgage.
- If your deal ends and you haven’t found a new one yet, a standard variable rate can be higher than your current rate.
Find your fixed rate mortgage with Halifax
Whether you already have an Agreement in Principle or simply want to see what we have to offer, find a fixed rate for your mortgage below.