UK Mortgage Glossary
Fixed Rate
Interest rate locked for a set period, typically 2-10 years.
Full definition
A mortgage rate that doesn't change for a set period - typically 2, 3, 5, or 10 years. Provides certainty about monthly payments during the fix. ERCs usually apply during the fixed period. At the end of the fixed period, the mortgage reverts to the lender's Standard Variable Rate (SVR) unless you remortgage.
How this affects you
Whether fixed rate is relevant to your mortgage depends on your circumstances — lender, product, deposit, employment, credit profile, and stage of application. An FCA-authorised mortgage broker will tell you exactly where it applies to your case.
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