Definition

The interest rate does not change during the fixed period, so scheduled payments are more predictable while the balance and repayment basis stay the same. When the period ends, the loan normally moves to a reversion rate unless another product or lender is arranged. ERCs often apply during the fix.

Practical example

A five-year fix protects against rate rises during those five years but can be expensive to leave early if an ERC applies.

Why it matters

Compare payment certainty with fees, flexibility, the reversion rate and plans to move or repay early.

UK mortgage rates explained

Source and review

Reviewed 16 July 2026. Product criteria and rules can change.

MoneyHelper: mortgages and interest rates

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