A fixed rate mortgage is when the interest rate on your loan remains fixed for however long the term of the loan is.

Typical fixed rate mortgages range from two to five year deals, but can last as long as ten years it just depends on lenders and what they are offering. Often, once a fix comes to an end, borrowers move onto their lender’s standard variable rate.

Advantages of a fixed rate mortgage

You know from the beginning exactly how much your mortgage will cost you, and you are protected from any increases in rates, because your payments won’t rise during the fix. This therefore gives you peace of mind and more security.

Disadvantages of a fixed rate mortgage

However, it also means that your payments won’t fall if rates decrease. You also face higher starting rates with variable products, in addition to a high penalty if you want to get out early.



House Price





Min (5% of house price)£2,500


Max (30% of house price)£15,000

Interest Rate





Min25 Years

30 Years

Max35 Years

Without Help to Buy

Your deposit£2,5005%
Your mortgage£47,50095%
Monthly Payment£213.30 

With Help to Buy

Your deposit£2,5005%
Help to Buy Loan£10,00020%
Your mortgage£37,50075%
Monthly Payment£168.39 

This calculator is provided to give you basic guidance only. This information is computer-generated and relies on certain assumptions. It has only been designed to give a useful general indication of costs. Its important you always get a specific quote from the lender and double-check the price yourself before acting on the information. We cannot accept responsibility for any errorsand recommend that you obtain exact figures from a specific lender before committing to any mortgage.