What Is a Fixed Rate Mortgage?

A fixed rate mortgage, sometimes referred to as a “fixed mortgage” or “fixed term mortgage”, is a mortgage where the interest rate you’re charged is fixed to a certain date or for a certain number of years - e.g. 2% interest for 5 years.

A fixed term is different from the overall mortgage term. The overall mortgage term is the total amount of time over which you pay back the mortgage. So for example, you’d take out a 25 year mortgage with a fixed rate of 2% for the first 5 years.

Your lender will transfer you onto their SVR (standard variable rate) when you reach the end of your fixed rate period, unless you choose to remortgage or take a new product with your current lender.

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Scheme ID 17881
Initial rate 1.14% then 4.64% (variable) ?
Monthly repayments £ 1,150 ?
Type/Duration Variable ?
Scheme fees £1,001 ?
Cost comparison £28,595 ?

Fees & Charges

Booking fees £0
Arrangement fees £0
Valuation fees £0
Other fees £0
Cashback £0

Flexibility

Max LTV 60%
Overpayments allowed? Yes
Early Repayment charges £95, plus (2% until 30-04-22, 1% until 30-04-23)

Other info

Exit fees £95
Basic legals £0

Representative example: A mortgage of £300,000 payable over 25 years on a repayment basis, initially on a fixed rate for 2 years and 3 months at 1.14%, then moving onto variable rate for 3 years at 3.6399999999999997%, and then on a variable rate for 19 years and 9 months at 4.64%. This would require 27 payments of £1,149.73, followed by 36 payments of £1,490.11, and 237 payments of £1,623.26. The total amount payable would be £470,495 made up of the loan amount plus interest (£169,494) and fees (£1,096 which includes exit fees of £95). The overall cost for comparison is 3.83% APRC representative.

0344 346 3672 or Enquire now

Scheme ID 26050
Initial rate 1.19% then 3.54% (variable) ?
Monthly repayments £ 1,157 ?
Type/Duration Variable ?
Scheme fees £1,016 ?
Cost comparison £28,775 ?

Fees & Charges

Booking fees £0
Arrangement fees £0
Valuation fees £0
Other fees £0
Cashback £0

Flexibility

Max LTV 60%
Overpayments allowed? Yes
Early Repayment charges 2% until 31-05-22, 1% until 31-05-23 with a fee free allowance of 10%

Other info

Exit fees £0
Basic legals £0

Representative example: A mortgage of £300,000 payable over 25 years on a repayment basis, initially on a fixed rate for 2 years and 4 months at 1.19%, and then on a variable rate for 22 years and 8 months at 3.54%. This would require 28 payments of £1,156.61 and 272 payments of £1,475.06. The total amount payable would be £434,617 made up of the loan amount plus interest (£133,601) and fees (£1,016 which includes exit fees of £0). The overall cost for comparison is 3.15% APRC representative.

0344 346 3672 or Enquire now

Scheme ID 875
Initial rate 1.19% then 4.55% (variable) ?
Monthly repayments £ 1,157 ?
Type/Duration Variable ?
Scheme fees £2,351 ?
Cost comparison £30,110 ?

Fees & Charges

Booking fees £0
Arrangement fees £0
Valuation fees £0
Other fees £0
Cashback £0

Flexibility

Max LTV 75%
Overpayments allowed? Yes
Early Repayment charges £195, plus (3% until 31-03-22, 2% until 31-03-23)

Other info

Exit fees £195
Basic legals £0

Representative example: A mortgage of £300,000 payable over 25 years on a repayment basis, initially on a fixed rate for 2 years and 2 months at 1.19%, and then on a variable rate for 22 years and 10 months at 4.55%. This would require 26 payments of £1,156.61 and 274 payments of £1,629.44. The total amount payable would be £479,084 made up of the loan amount plus interest (£176,733) and fees (£2,546 which includes exit fees of £195). The overall cost for comparison is 4.05% APRC representative.

0344 346 3672 or Enquire now

Scheme ID 16220
Initial rate 1.2% then 3.59% (variable) ?
Monthly repayments £ 1,158 ?
Type/Duration Variable ?
Scheme fees £1,699 ?
Cost comparison £29,479 ?

Fees & Charges

Booking fees £0
Arrangement fees £0
Valuation fees £0
Other fees £0
Cashback £0

Flexibility

Max LTV 60%
Overpayments allowed? Yes
Early Repayment charges 2% until 31-03-22, 1% until 31-03-23

Other info

Exit fees £0
Basic legals £0

Representative example: A mortgage of £300,000 payable over 25 years on a repayment basis, initially on a fixed rate for 2 years and 2 months at 1.2%, and then on a variable rate for 22 years and 10 months at 3.59%. This would require 26 payments of £1,157.51 and 274 payments of £1,483.53. The total amount payable would be £438,281 made up of the loan amount plus interest (£136,582) and fees (£1,699 which includes exit fees of £0). The overall cost for comparison is 3.24% APRC representative.

0344 346 3672 or Enquire now

Scheme ID 22728
Initial rate 1.22% then 3.59% (variable) ?
Monthly repayments £ 1,161 ?
Type/Duration Variable ?
Scheme fees £1,025 ?
Cost comparison £28,633 ?

Fees & Charges

Booking fees £0
Arrangement fees £0
Valuation fees £0
Other fees £0
Cashback £250

Flexibility

Max LTV 60%
Overpayments allowed? Yes
Early Repayment charges 2% until 30-06-22, 1% until 30-06-23

Other info

Exit fees £0
Basic legals £0

Representative example: A mortgage of £300,000 payable over 25 years on a repayment basis, initially on a fixed rate for 2 years and 5 months at 1.22%, and then on a variable rate for 22 years and 7 months at 3.59%. This would require 29 payments of £1,160.74 and 271 payments of £1,481.60. The total amount payable would be £435,950 made up of the loan amount plus interest (£134,925) and fees (£1,025 which includes exit fees of £0). The overall cost for comparison is 3.18% APRC representative.

0344 346 3672 or Enquire now

Scheme ID 15322
Initial rate 1.24% then 3.59% (variable) ?
Monthly repayments £ 1,164 ?
Type/Duration Variable ?
Scheme fees £1,019 ?
Cost comparison £28,943 ?

Fees & Charges

Booking fees £0
Arrangement fees £0
Valuation fees £0
Other fees £0
Cashback £0

Flexibility

Max LTV 60%
Overpayments allowed? Yes
Early Repayment charges £65, plus (2% in year 1, 1% in year 2)

Other info

Exit fees £65
Basic legals £0

Representative example: A mortgage of £300,000 payable over 25 years on a repayment basis, initially on a fixed rate for 2 years at 1.24%, and then on a variable rate for 23 years at 3.59%. This would require 24 payments of £1,163.51 and 276 payments of £1,487.87. The total amount payable would be £439,660 made up of the loan amount plus interest (£138,641) and fees (£1,084 which includes exit fees of £65). The overall cost for comparison is 3.26% APRC representative.

0344 346 3672 or Enquire now

Scheme ID 5530
Initial rate 1.24% then 3.59% (variable) ?
Monthly repayments £ 1,164 ?
Type/Duration Variable ?
Scheme fees £995 ?
Cost comparison £28,919 ?

Fees & Charges

Booking fees £0
Arrangement fees £0
Valuation fees £0
Other fees £0
Cashback £0

Flexibility

Max LTV 60%
Overpayments allowed? Yes
Early Repayment charges 2% until 31-05-22, 1% until 31-05-23

Other info

Exit fees £0
Basic legals £0

Representative example: A mortgage of £300,000 payable over 25 years on a repayment basis, initially on a fixed rate for 2 years and 4 months at 1.24%, and then on a variable rate for 22 years and 8 months at 3.59%. This would require 28 payments of £1,163.51 and 272 payments of £1,483.11. The total amount payable would be £436,979 made up of the loan amount plus interest (£135,984) and fees (£995 which includes exit fees of £0). The overall cost for comparison is 3.20% APRC representative.

0344 346 3672 or Enquire now

Scheme ID 19687
Initial rate 1.25% then 3.59% (variable) ?
Monthly repayments £ 1,165 ?
Type/Duration Variable ?
Scheme fees £1,025 ?
Cost comparison £28,982 ?

Fees & Charges

Booking fees £0
Arrangement fees £0
Valuation fees £0
Other fees £0
Cashback £0

Flexibility

Max LTV 60%
Overpayments allowed? Yes
Early Repayment charges 2% until 30-06-22, 1% until 30-06-23

Other info

Exit fees £0
Basic legals £0

Representative example: A mortgage of £300,000 payable over 25 years on a repayment basis, initially on a fixed rate for 2 years and 5 months at 1.25%, and then on a variable rate for 22 years and 7 months at 3.59%. This would require 29 payments of £1,164.89 and 271 payments of £1,482.09. The total amount payable would be £436,453 made up of the loan amount plus interest (£135,428) and fees (£1,025 which includes exit fees of £0). The overall cost for comparison is 3.18% APRC representative.

0344 346 3672 or Enquire now

Scheme ID 1822
Initial rate 1.25% then 3.35% (variable) ?
Monthly repayments £ 1,165 ?
Type/Duration Variable ?
Scheme fees £1,034 ?
Cost comparison £28,991 ?

Fees & Charges

Booking fees £0
Arrangement fees £0
Valuation fees £0
Other fees £0
Cashback £0

Flexibility

Max LTV 60%
Overpayments allowed? Yes
Early Repayment charges 3% until 02-05-23

Other info

Exit fees £225
Basic legals £0

Representative example: A mortgage of £300,000 payable over 25 years on a repayment basis, initially on a fixed rate for 2 years and 3 months at 1.25%, and then on a tracker rate for 22 years and 9 months at 3.35%. This would require 27 payments of £1,164.89 and 273 payments of £1,449.57. The total amount payable would be £428,444 made up of the loan amount plus interest (£127,410) and fees (£1,259 which includes exit fees of £225). The overall cost for comparison is 3.02% APRC representative.

0344 346 3672 or Enquire now

Scheme ID 16216
Initial rate 1.28% then 3.59% (variable) ?
Monthly repayments £ 1,169 ?
Type/Duration Variable ?
Scheme fees £1,199 ?
Cost comparison £29,244 ?

Fees & Charges

Booking fees £0
Arrangement fees £0
Valuation fees £0
Other fees £0
Cashback £0

Flexibility

Max LTV 60%
Overpayments allowed? Yes
Early Repayment charges 2% until 31-03-22, 1% until 31-03-23

Other info

Exit fees £0
Basic legals £0

Representative example: A mortgage of £300,000 payable over 25 years on a repayment basis, initially on a fixed rate for 2 years and 2 months at 1.28%, and then on a variable rate for 22 years and 10 months at 3.59%. This would require 26 payments of £1,168.54 and 274 payments of £1,484.69. The total amount payable would be £438,386 made up of the loan amount plus interest (£137,187) and fees (£1,199 which includes exit fees of £0). The overall cost for comparison is 3.23% APRC representative.

0344 346 3672 or Enquire now

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How Long Does a Fixed Rate Mortgage Last?

Fixed terms for residential mortgages can typically last between 1 and 10 years. It tends to be the case that the longer the fixed term, the more expensive the rate.

1 Year Fixed Rate MortgageThe shortest fixed term available is 1 year. 1 year fixed rate mortgages are extremely rare and only available from specialist lenders. They’re usually based on very specific needs, therefore they typically come with more expensive rates than other types of fixed rate mortgage.
2 Year Fixed Rate Mortgage2 year fixed rate mortgages are very popular and there are many on the market. They offer stability for people with no immediate plans to move home and are often cheaper than the other common product – a 5 year fix. Their high level of availability means that they’re typically among the lowest and most competitive fixed rate mortgages.
3 Year Fixed Rate MortgageMost 3 year fixed rates are needs based. They’re suitable if you want to stay in your property now – and therefore want stability - but intend on moving in the next 3 - 5 years. They tend to be more expensive than 2 year fixed rates but cheaper than most 5 year fixed rates.
5 Year Fixed Rate MortgageA 5 year fixed rate mortgage is another common fixed rate product. You may want a 5 year fix if you intend on staying in your property for the medium to long term future but are open to/expect your situation to change later on. It provides stability without asking you to think too far in advance.
10 Year Fixed Rate MortgageThe longest fixed term most lenders will offer you is 10 years. 10 year fixed rate mortgages are suitable for people who plan on staying in their home for the foreseeable future and/or would like to budget for the long term with a set monthly payment.
Longer than 10 YearsSometimes lenders will offer fixed rates for more than 10 years – but this is very rare. Talk to your adviser if this is something you require.

How Can John Charcol Arrange a Fixed Rate Mortgage?

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Process for Buying a Home/Remortgaging

1. First Conversation with Adviser

When you phone us, you can either arrange a phone appointment with your adviser or a face-to-face meeting – whatever suits you. Your adviser will ask you some questions then go away and find you the best deal for your circumstances and future needs. They’ll organise a follow up during which they’ll present you with what they’ve found.

2. Decision in Principle

Once you’re happy with their recommendation, they’ll go about securing your DIP (Decision in Principle) - which is basically a promise from the lender that they’ll loan you money on the condition that the information you’ve provided is correct and subject to a valuation of the property.

3. Offer on Property/Remortgaging

After the lender has agreed your scenario, you’ll be in a position to make an offer on a property or move forward with the remortgaging.

4. Pre-Application and Submission

Following the acceptance of your offer, we’ll send you some information which explains all the documents we need to submit to the lender. You’ll be assigned a client relationship manager who’ll check and submit certified copies of your documents; they’ll liaise with both you and the lender. Your adviser will then submit the fully packaged mortgage application.

5. Lender Underwriting and Valuation

The lender will underwrite your application; this basically means they’ll verify that the information you’ve provided is correct and review all your documents for themselves. They’ll also instruct a valuation for their purposes on the property to make sure there are no significant problems with it.

6. Mortgage Offer

If the lender is happy with everything they’ve found, they’ll send you a mortgage offer. They’ll also send us a copy.

7. Conveyancing

After you’ve accepted your mortgage offer, you’ll go through the legal part of the process, known as conveyancing. This is where the solicitors/conveyancers draw up contracts and organise the actual, legal purchase of the property/the remortgage. If you're buying, you’ll also need to arrange buildings insurance at this stage, making sure it’s in place from exchange.

8. Exchange and Completion

If you’re buying a property, your conveyancer/solicitor will exchange contracts with the seller’s conveyancer/solicitor; it’s at this point that you would put down your deposit and be legally bound to the property. The purchase will complete when the money is transferred on an agreed-upon date. If you’re remortgaging, then your conveyancer/solicitor will set a date to draw down the funds and pay off any existing lender(s) once the mortgage offer’s released.

Fixed Rate Mortgage FAQs

What Happens at the End of a Fixed Rate Mortgage?

After the introductory deal on your fixed rate mortgage ends, you’ll be transferred onto your lender’s SVR (standard variable rate) for the remainder of the mortgage term. A lender’s SVR will normally be much higher than whatever introductory deal you were on – which is why many people choose to remortgage or take a new deal with their existing lender as they come to the end of the fixed period.

You can start to arrange a remortgage up to 6 months before the end of your introductory rate.

Is a Fixed Rate Mortgage Better than a Variable Rate?

Fixed rate mortgages have certain benefits that variable rate mortgages don’t.

Some benefits to fixed rate mortgages include:

  • You always know how much interest you’ll pay
  • You can budget according to how much interest you’ll pay
  • They’re stable

On the other hand, variable rate mortgages like discount or tracker rates come with benefits that fixed rate mortgage don’t.

Some benefits to variable rate mortgages include:

  • If the rate falls, you could end up paying less interest and benefitting from a lower monthly payment
  • They tend to offer more flexibility regarding ERCs (early repayment charges) than fixed rate mortgages
  • There are generally more longer term or lifetime variable rates available which means you are less likely to need to remortgage

Find more information on the different mortgage types in our guide.

Can I Get Out of a Fixed Rate Mortgage?

It is possible to get out of a fixed rate mortgage by remortgaging onto a new mortgage product or repaying your mortgage. However, you may face ERCs if you remortgage before the fixed period ends. These can often make leaving your current mortgage product before the fixed term ends expensive.

Can I Remortgage During a Fixed Term?

It is possible to remortgage during your fixed term or introductory deal however you’ll likely face ERCs, which can make remortgaging more money than it’s worth.

Can I Remortgage onto a Fixed Rate?

Many people will remortgage onto a new fixed rate as their current introductory deal is about to end to avoid being transferred onto their lender’s SVR.

What’s the Best Fixed Rate Mortgage Deal?

There’s no single best fixed rate mortgage deal. What’s best for you will depend on your situation and needs. For example, do you intend on staying in the same property for the foreseeable future – and therefore would value a long term fix – or do you intend on moving after a couple of years? There’s also an option to offset your savings against your mortgage, so that you pay less interest. Speak to one of our advisers on 03304 332 927 as they’ll tell you which product would best suit you.

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Home Insurance

You need buildings insurance in place from the exchange of contracts. Our team can help you arrange buildings and contents insurance.

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JC Legal is our exclusive service where we refer you to a solicitor from our carefully selected panel of experts.

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Speak to a member of our in-house protection team for cover tailored to your needs.

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MORTGAGE?

Talk to our experts today
03304 332 927
Or arrange a call back

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