Should I Fix My Mortgage? UK Guide 2026

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.

Fixed vs variable: the core difference

Arguments for fixing your mortgage

• Budgeting certainty — you know exactly what you'll pay each month
• Protection if rates rise — you won't be affected by base rate increases
• Peace of mind — no anxiety about rate movements for the fixed term
• Rates are historically still relatively high — locking in now could look good if rates fall slowly

Arguments against fixing your mortgage

• Rates may fall — if the Bank of England cuts rates, a tracker would follow, but a fixed rate wouldn't
• Early repayment charges — breaking a fixed deal early (e.g. to move or remortgage) usually incurs a fee of 1–5% of the outstanding balance
• You could overpay vs trackers — if variable rates drop significantly, a fixed rate costs more over the same period

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.