Compare Fixed Rate Mortgages

Fixed rate mortgages are the most popular choice for UK borrowers because they offer certainty — your payment stays the same for the length of the fix, whatever happens to interest rates in the meantime. But should you fix for two years, three, or five? Our compare fixed rate mortgages calculator models all three side by side, factoring in what happens once each fix ends and you land on the lender’s standard variable rate (SVR).

The Trade-Off Between Fix Length and Flexibility

Shorter fixes (2 years) typically come with the lowest headline rates but expose you to remortgaging costs and rate uncertainty sooner. Longer fixes (5 years, sometimes 10) usually carry a slightly higher rate in exchange for a longer period of payment certainty and fewer product fees paid over time, since you are not remortgaging as often. There is no universally “right” answer — it depends on your view of where rates are heading, how settled you are in the property, and how much you value predictability over potentially chasing a cheaper rate later.

Why the SVR Matters More Than People Expect

Every fixed deal eventually ends, and unless you remortgage in time, you land on the lender’s standard variable rate — often 7% or higher, sometimes several percentage points above the fixed rates on offer. This calculator factors in exactly how much of your mortgage term you would spend on the SVR after each type of fix ends, which is why a shorter fix followed by a long stretch on the SVR can end up costing more overall than a longer fix, even though the headline fixed rate looked more attractive at the start.

A Worked Example

On a £250,000 mortgage over 25 years, a 2-year fix at 4.6% might look cheapest during the deal itself, but if you are modelling a full 25-year comparison and assuming an SVR of around 7.9% for the remaining 23 years after the fix ends, the total cost picture changes dramatically. A 5-year fix at 4.2%, even with a slightly higher fee, often wins by a wide margin over the full term simply because it locks in a competitive rate for a much larger share of the mortgage. The calculator shows this cost difference explicitly, rather than leaving you to compare rates in isolation.

What This Tool Assumes

The comparison assumes you do nothing once each fix ends — a useful worst-case check, but not necessarily realistic, since most borrowers remortgage again before hitting the SVR. Use this tool as a way of stress-testing “what if I forget to remortgage” or “what if rates rise sharply by the time my fix ends”, rather than as a literal prediction of your future costs.

How to Decide Between the Three Options

Beyond the raw cost comparison, a few practical questions can help point you towards the right fix length. How settled are you in the property — are you likely to move within the next two to three years, in which case a shorter fix avoids potentially large early repayment charges? How much would a rate rise genuinely stretch your budget — if even a modest increase would cause real financial strain, a longer fix buys valuable certainty. And how much administrative effort are you willing to take on — remortgaging every two years involves more paperwork, valuations and (sometimes) legal work than remortgaging every five, even if the five-year deal is marginally more expensive at the outset.

Many mortgage brokers suggest that when the price difference between a 2-year and 5-year fix is small, the certainty of the longer fix often represents good value simply for the reduced hassle and reduced exposure to a volatile rate environment, even before factoring in the specific cost comparison this calculator produces.

Frequently Asked Questions