Choosing the type of rate is one of the biggest decisions you'll make. There's no universally 'right' answer — it's about what lets you sleep at night.
Fixed rate
Your rate stays the same for a set period, commonly 2, 3, 5 or 10 years. Payments are predictable, which is great for budgeting. You'll normally pay early repayment charges if you leave during the fixed period. Not sure how long to fix for? See our 2-year vs 5-year fix guide.
Tracker rate
Your rate follows the Bank of England base rate plus a set margin. If base rate falls, your payments fall; if it rises, so do your payments. Some trackers have no early repayment charges, which adds flexibility.
Standard Variable Rate (SVR)
The lender's default rate, which they can change at any time. It's usually the most expensive option — most people only end up on it when a deal expires.
2-year or 5-year fix?
- 2-year: more flexibility, sooner chance to benefit if rates fall — but more frequent fees and rate uncertainty
- 5-year: long-term certainty and fewer remortgage costs — but you're locked in if your plans change
Expert tip: Think about your plans: moving soon, expecting a pay rise, or planning big overpayments? We'll weigh it all up together.
This guide is general information, not personal advice. Figures are correct at the time of updating and rules can change. Your home may be repossessed if you do not keep up repayments on your mortgage.
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