How Long Should I Fix My Mortgage For?

If, in these uncertain times, you’re a first-time buyer, you might be grappling with whether you should fix your mortgage and, if so, for how long. To help make your decision easier, we’ve weighed the pros and cons of fixing your mortgage interest rate in this helpful guide.

Fixed-rate mortgages

First and foremost, what does it mean to fix your mortgage? A fixed-rate mortgage is where the payable interest rates are the same for a set time, typically between two and five years. During this time, the monthly repayments will remain the same and won’t be affected by the Bank of England base rate.

What’s better, a two or five-year mortgage?

Choosing between a two- or five-year mortgage largely depends on your personal preference and circumstances. By fixing your mortgage for two years, you have assurance over the short term, and if you plan on keeping your home only for a short while, this option could be right for you. Additionally, if the rates drop, you can switch to a preferred rate once your deal ends.

Alternatively, with a five-year fixed rate, you have certainty over those five years, which could be the better option if you plan to settle into your property for longer. However, a lot can change in five years, not least of all mortgage rate fluctuations, which may result in higher fixed rates than live rates.

Should I fix my mortgage for longer?

With a longer fixed rate, you can rest assured as you’ll know your mortgage repayments for the next five years or longer. This provides you with some peace of mind and consistency in your financial planning. If you’re expecting to keep your property for the long run, a long-term fixed-rate mortgage could be right for you. 

A risk associated with fixing your mortgage for longer is current mortgage rates may become lower than your fixed rate. This means your repayments could be more than the actual interest rates. If you find yourself in this position, you could move to a new rate, but you could be subject to an early repayment charge (ERC) and a penalty to exit your deal before it expires, which can be an expensive exercise.

What are the pros and cons of fixing your mortgage?

Pros of fixing your mortgage:

✅Protection against interest rate increases.

✅You may save money on fees.

✅If your situation changes, you’re protected.

Cons of fixing your mortgage:

🛑Your monthly payments may be higher.

🛑You may pay a penalty if you move.

🛑You may face an early repayment charge if you pay your mortgage off early

Is it worth getting a fixed-rate mortgage?

Ultimately, whether a fixed-rate mortgage is worth it depends on you, as does the length of term. Your financial situation, your feelings about risk and stability, and your long-term plans or objectives will help you determine your next steps toward home ownership.

If you’re ready to begin your journey and are seeking trustworthy advice, that happens to be obligation and cost-free, give us a call at Choice Mortgages. We provide independent mortgage and insurance advice based on your specific requirements. Whether you’re a first-time buyer or seasoned in the housing market, we can find the best solution for you.

We're here to help

Your local independent experts

  • Unbiased advice with access to the entire mortgage and insurance marketplace
  • We offer a free no obligation consultation over the phone or in person
  • We are open six days a week

Call us on 01780 480600

Open today until 6pm

Get in touch


Choice Mortgages have provided me with a fantastic consultative service for over 10 years. I've had absolute peace of mind that everything related to my mortgage, home insurance, life insurance and critical illness insurance has been in hand. Nicki and the team have always given me informed guidance and I've had every confidence in their recommendations and products. A first-class service that I wouldn't hesitate to recommend.

A first-class service that I wouldn't hesitate to recommend.

Emma and her daughter