Should I fix my mortgage?Deciding whether to fix your mortgage rate depends on your current deal, how long you plan to stay in the property, your appetite for payment certainty, and where interest rates are heading. There is no universally right answer — it comes down to your personal circumstances. April 2026 snapshot: Average 2-year fixed rates sit around 4.2–4.5%; 5-year fixes around 4.0–4.3%. Tracker rates track the Bank of England base rate (4.25% as of April 2026). Fixed vs variable: the core difference
Arguments for fixing your mortgage
Arguments against fixing your mortgage
2-year vs 5-year fixed: which is better?A 2-year fix gives more flexibility and the chance to remortgage sooner if rates fall. A 5-year fix offers longer payment certainty and potentially a lower rate today, but locks you in for longer. If you're planning to move in the next 2–3 years, a 2-year fix (or a portable mortgage) is usually the better choice.
What does Martin Lewis say about fixing?Martin Lewis at MoneySavingExpert has consistently advised checking whether your current deal is a fixed rate about to expire — if you're rolling onto an SVR, remortgaging is almost always worthwhile. His general position is that in a high-uncertainty environment, fixing provides valuable peace of mind even if it's not always the cheapest option over time. Should you fix in 2026?Economists and forecasters broadly expect the Bank of England to continue cutting rates through 2026, though the pace of cuts is uncertain. This means tracker rates could become more attractive later in the year. However, fixed rates have already priced in expected cuts to some extent. If certainty is important to you, fixing still makes sense. If you believe rates will fall faster than the market expects, a short tracker could save money. Verdict Depends on your priorities Fix if certainty matters more than cost. Consider a tracker if you believe rates will fall faster than the market expects and you can absorb payment variability. Always compare the best available rates through a whole-of-market broker. Frequently asked questionsWhat happens when my fixed mortgage ends? You roll onto your lender's standard variable rate (SVR), which is typically much higher — often 7–8% or more. Start shopping for a new deal 3–6 months before your fix ends to avoid this. Can I overpay on a fixed mortgage? Most fixed-rate mortgages allow overpayments of up to 10% of the outstanding balance per year without penalty. Exceeding this triggers an early repayment charge. Check your mortgage terms. Is now a good time to remortgage? If you're on your lender's SVR or approaching the end of a deal, remortgaging now is likely worthwhile even if rates fall slightly — SVRs are typically far above current fixed rates. What is a tracker mortgage? A tracker mortgage has an interest rate that moves in line with the Bank of England base rate, plus a fixed margin (e.g. base rate + 0.5%). When the BoE raises rates, your payments go up; when it cuts, they fall. |
Should I Fix My Mortgage? UK Guide 2026
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