When choosing a mortgage deal, one of the biggest decisions you’ll make is how long to fix your rate for.
A fixed rate mortgage gives you certainty over your monthly payments, which can be reassuring in a changing market. You’ve got a few options when it comes to fixing your mortgage – so what are they, and how do they fit into your plans?
How long can you fix a mortgage?
Fixed rate mortgages usually come in two, three, five or ten-year terms, giving you the choice between short-term flexibility and long-term peace of mind.
A two-year fixed rate can work well if you’re planning a move soon or expect your circumstances to change. It gives you a predictable payment while keeping your future plans open. A five-year fix is popular for those who want to settle into a deal for longer, offering more certainty around monthly payments.
Some lenders also offer ten-year fixed rates. While not as common, they can appeal if you’re looking to stay in your home for the long haul and want to lock in your payments without worrying about future rate changes.
Whichever term you choose, the key is finding the right balance between security and flexibility. The best option will depend on your future plans, how long you’re likely to stay in your current home, and how comfortable you are with rates possibly changing in a few years.
Which fixed term is right for you?
There’s no one-size-fits-all when it comes to fixed rate mortgage terms. What works best depends on your plans, your budget, and how long you expect to stay in your current home.
If you’re likely to move in the next couple of years, a shorter fixed term could give you more flexibility. On the other hand, if you’re planning to stay put and want to know exactly what your monthly payments will be, a longer term might give you added peace of mind.
It’s also worth thinking about how comfortable you are with interest rates changing in future. A two-year fix might give you a lower starting rate, but you’ll face the market again sooner. A five or ten-year fix could shield you from rising rates for longer, though you may pay more upfront.
Our mortgage advisors in Bristol can help you look at the bigger picture. We’ll take the time to understand your goals and find a deal that fits where you are now and where you’re heading.
What happens when your fixed rate ends?
Once your fixed rate term finishes, your mortgage usually moves onto the lender’s standard variable rate (SVR). This rate is often higher than the one you were on during your fixed term and can change over time, depending on the lender and wider market conditions.
Because of this, many people look to remortgage around three to six months before their deal is due to end. This gives you time to secure a new deal and avoid the jump in monthly payments that often comes with an SVR.
If you’re approaching the end of your fixed term, we can help you review your current deal and find out what options are available. Whether you want to fix in again, switch to a tracker, or remortgage for home improvements in Bristol, we are here to help make the process straightforward.
Can you leave a fixed rate mortgage early?
It’s possible to leave a fixed rate mortgage before the term ends, but there are usually costs involved. Most lenders charge an early repayment fee if you exit your deal early, especially during the initial fixed period. This is something to bear in mind if there’s a chance your plans could change.
The amount you’ll pay depends on how much time is left on your deal and the size of your mortgage. Some fees can be a few hundred pounds, while others might be a percentage of your remaining balance. Your lender will outline this clearly when you take out your mortgage, so it’s worth checking the details.
If you’re thinking about moving home in Bristol or changing your mortgage before your fixed rate finishes, it’s worth speaking to a mortgage advisor in Bristol first. Depending on your lender, you might be able to port your mortgage in Bristol – which means taking your current deal with you to a new property.
We’ll check the details of your existing mortgage, look at whether an early repayment charge would apply, and help you decide on the best way forward.
Date Last Edited: May 29, 2025
